|
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
|
© J.P. Morgan Chase & Co., 2026.
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — 31.4%
|
||
|
FHLMC
|
|
|
|
Pool # 8C1031, ARM, 5.22%, 6/1/2055 (a)
|
4,957,995
|
4,972,936
|
|
Pool # 842039, ARM, 5.23%, 10/1/2055 (a)
|
4,013,043
|
4,040,775
|
|
Pool # 8B0505, ARM, 4.82%, 11/1/2055 (a)
|
6,495,184
|
6,477,284
|
|
Pool # 8C1189, ARM, 4.90%, 11/1/2055 (a)
|
2,950,835
|
2,947,502
|
|
Pool # 8C1217, ARM, 5.04%, 11/1/2055 (a)
|
8,412,253
|
8,389,327
|
|
Pool # 8C1210, ARM, 5.42%, 11/1/2055 (a)
|
4,323,521
|
4,350,817
|
|
FHLMC Gold Pools, Other
|
|
|
|
Pool # WN2492, 4.93%, 6/1/2028
|
989,525
|
992,331
|
|
Pool # WN2326, 4.45%, 12/1/2032
|
210,000
|
207,835
|
|
FHLMC UMBS, 30 Year
|
|
|
|
Pool # TB4997, 6.00%, 6/1/2051
|
160,000
|
164,217
|
|
Pool # TB5018, 6.50%, 6/1/2051
|
150,000
|
155,970
|
|
Pool # QG4162, 5.00%, 6/1/2053
|
662,421
|
654,071
|
|
Pool # SD3481, 6.50%, 8/1/2053 (b)
|
11,036,772
|
11,532,717
|
|
Pool # SD4030, 6.50%, 10/1/2053
|
3,934,827
|
4,147,014
|
|
Pool # QH8542, 8.00%, 1/1/2054
|
216,061
|
234,687
|
|
Pool # SD5883, 6.50%, 6/1/2054
|
9,376,283
|
9,869,446
|
|
Pool # SD5979, 6.00%, 7/1/2054
|
6,484,631
|
6,655,613
|
|
Pool # SD6268, 6.50%, 8/1/2054
|
7,104,102
|
7,489,552
|
|
Pool # SD6461, 6.50%, 10/1/2054
|
1,871,323
|
1,972,336
|
|
Pool # RJ3721, 5.50%, 3/1/2055
|
10,075,250
|
10,126,438
|
|
Pool # QX9926, 6.00%, 4/1/2055
|
6,966,873
|
7,160,516
|
|
Pool # SL2544, 6.50%, 8/1/2055
|
26,503,989
|
27,920,016
|
|
Pool # QZ6253, 5.50%, 10/1/2055
|
3,776,878
|
3,804,481
|
|
Pool # QZ6256, 5.50%, 10/1/2055
|
5,681,992
|
5,713,596
|
|
Pool # SL2939, 5.50%, 10/1/2055
|
7,704,014
|
7,764,409
|
|
Pool # QZ6966, 5.50%, 11/1/2055
|
4,210,196
|
4,231,245
|
|
Pool # QZ7257, 5.50%, 11/1/2055
|
3,988,045
|
4,008,516
|
|
Pool # QZ8076, 5.50%, 11/1/2055
|
1,646,688
|
1,654,921
|
|
Pool # QZ9117, 5.50%, 11/1/2055
|
2,902,409
|
2,922,768
|
|
Pool # RQ0064, 5.50%, 11/1/2055
|
29,469,979
|
29,617,319
|
|
Pool # TA1190, 5.50%, 11/1/2055
|
258,517
|
259,809
|
|
Pool # SL3192, 6.00%, 11/1/2055
|
78,631,907
|
81,504,099
|
|
Pool # TA0290, 5.50%, 12/1/2055
|
5,479,563
|
5,511,277
|
|
Pool # RQ0085, 5.50%, 1/1/2056
|
70,281,192
|
70,632,574
|
|
Pool # SL3686, 5.50%, 1/1/2056
|
23,448,759
|
23,603,446
|
|
Pool # SL4048, 5.50%, 1/1/2056
|
29,882,945
|
30,225,086
|
|
Pool # TA3495, 5.50%, 1/1/2056
|
980,954
|
985,863
|
|
Pool # TA3891, 5.50%, 1/1/2056
|
4,977,845
|
5,002,732
|
|
Pool # TA4276, 5.50%, 1/1/2056
|
169,375
|
170,222
|
|
Pool # TA4348, 5.50%, 1/1/2056
|
546,314
|
552,279
|
|
Pool # TA4349, 5.50%, 1/1/2056
|
546,505
|
552,296
|
|
Pool # TA4352, 5.50%, 1/1/2056
|
3,793,118
|
3,830,869
|
|
Pool # TA4353, 5.50%, 1/1/2056
|
3,736,911
|
3,772,297
|
|
Pool # TA4363, 5.50%, 1/1/2056
|
1,264,816
|
1,276,793
|
|
Pool # TA4375, 5.50%, 1/1/2056
|
4,791,009
|
4,834,577
|
|
Pool # TA4376, 5.50%, 1/1/2056
|
4,889,066
|
4,931,624
|
|
Pool # TA4380, 5.50%, 1/1/2056
|
1,945,788
|
1,964,840
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # TA5070, 5.50%, 1/1/2056
|
14,421,447
|
14,590,194
|
|
Pool # TA5257, 5.50%, 1/1/2056
|
478,256
|
481,872
|
|
Pool # TA5975, 5.50%, 1/1/2056
|
229,370
|
230,914
|
|
Pool # RQ0086, 6.00%, 1/1/2056
|
14,131,821
|
14,438,635
|
|
Pool # TA3719, 6.00%, 1/1/2056
|
14,453,836
|
14,767,640
|
|
Pool # TA3884, 6.00%, 1/1/2056
|
18,815,970
|
19,306,906
|
|
Pool # TA4636, 6.00%, 1/1/2056
|
4,557,126
|
4,677,692
|
|
Pool # TA4679, 6.00%, 1/1/2056
|
865,996
|
889,257
|
|
Pool # TA5158, 6.00%, 1/1/2056
|
717,256
|
738,185
|
|
Pool # TA6600, 6.50%, 1/1/2056
|
208,547
|
219,373
|
|
Pool # TA5189, 7.00%, 1/1/2056
|
398,918
|
425,746
|
|
Pool # SL4065, 5.50%, 2/1/2056
|
11,411,230
|
11,558,956
|
|
Pool # TA4998, 5.50%, 2/1/2056
|
10,020,776
|
10,090,331
|
|
Pool # TA5048, 5.50%, 2/1/2056
|
2,122,338
|
2,139,360
|
|
Pool # TA5432, 5.50%, 2/1/2056
|
4,970,151
|
4,995,000
|
|
Pool # TA5448, 5.50%, 2/1/2056
|
293,796
|
297,130
|
|
Pool # TA5456, 5.50%, 2/1/2056
|
386,174
|
389,051
|
|
Pool # TA5458, 5.50%, 2/1/2056
|
368,710
|
370,975
|
|
Pool # TA5459, 5.50%, 2/1/2056
|
614,942
|
621,459
|
|
Pool # TA5581, 5.50%, 2/1/2056
|
677,602
|
686,777
|
|
Pool # TA5679, 5.50%, 2/1/2056
|
368,870
|
372,488
|
|
Pool # TA5685, 5.50%, 2/1/2056
|
1,114,278
|
1,119,911
|
|
Pool # TA6050, 5.50%, 2/1/2056
|
676,901
|
680,286
|
|
Pool # TA6062, 5.50%, 2/1/2056
|
169,247
|
171,461
|
|
Pool # TA6592, 5.50%, 2/1/2056
|
658,193
|
666,197
|
|
Pool # TA6704, 5.50%, 2/1/2056
|
424,199
|
427,806
|
|
Pool # TA6710, 5.50%, 2/1/2056
|
1,798,345
|
1,815,855
|
|
Pool # TA6724, 5.50%, 2/1/2056
|
3,528,637
|
3,546,279
|
|
Pool # TA7028, 5.50%, 2/1/2056
|
459,116
|
463,620
|
|
Pool # TA5161, 6.00%, 2/1/2056
|
747,431
|
770,491
|
|
Pool # TA5178, 6.00%, 2/1/2056
|
258,660
|
269,707
|
|
Pool # TA5427, 6.00%, 2/1/2056
|
874,604
|
901,973
|
|
Pool # TA5434, 6.00%, 2/1/2056
|
642,904
|
662,073
|
|
Pool # TA5436, 6.00%, 2/1/2056
|
810,217
|
832,928
|
|
Pool # TA5443, 6.00%, 2/1/2056
|
1,583,430
|
1,629,047
|
|
Pool # TA6599, 6.00%, 2/1/2056
|
847,770
|
872,822
|
|
Pool # TA6717, 6.00%, 2/1/2056
|
1,284,879
|
1,324,724
|
|
Pool # TA6718, 6.00%, 2/1/2056
|
1,304,865
|
1,342,456
|
|
Pool # TA6740, 6.00%, 2/1/2056
|
1,374,800
|
1,414,068
|
|
Pool # TA6742, 6.00%, 2/1/2056
|
1,298,729
|
1,335,133
|
|
Pool # TA5025, 6.50%, 2/1/2056
|
1,311,726
|
1,369,445
|
|
Pool # TA5253, 6.50%, 2/1/2056
|
655,186
|
688,398
|
|
Pool # TA5435, 6.50%, 2/1/2056
|
298,014
|
311,749
|
|
Pool # TA5444, 6.50%, 2/1/2056
|
657,238
|
687,024
|
|
Pool # TA5447, 6.50%, 2/1/2056
|
447,935
|
467,647
|
|
Pool # TA5449, 6.50%, 2/1/2056
|
290,388
|
303,418
|
|
Pool # TA6727, 6.50%, 2/1/2056
|
218,996
|
229,665
|
|
Pool # TA6729, 6.50%, 2/1/2056
|
169,595
|
177,820
|
|
Pool # TA6730, 6.50%, 2/1/2056
|
537,583
|
561,948
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # TA6746, 6.50%, 2/1/2056
|
259,267
|
271,135
|
|
Pool # TA7120, 6.50%, 2/1/2056
|
219,476
|
229,306
|
|
Pool # TA7703, 5.00%, 3/1/2056
|
12,714,733
|
12,519,299
|
|
Pool # TA8177, 5.00%, 3/1/2056
|
448,528
|
442,637
|
|
Pool # RQ0103, 5.50%, 3/1/2056
|
56,462,917
|
56,745,212
|
|
Pool # TA7127, 5.50%, 3/1/2056
|
1,523,629
|
1,536,892
|
|
Pool # TA7129, 5.50%, 3/1/2056
|
1,033,931
|
1,043,721
|
|
Pool # TA7684, 5.50%, 3/1/2056
|
3,672,485
|
3,700,251
|
|
Pool # TA7685, 5.50%, 3/1/2056
|
338,993
|
342,203
|
|
Pool # TA7688, 5.50%, 3/1/2056
|
492,586
|
496,400
|
|
Pool # TA7713, 5.50%, 3/1/2056
|
817,571
|
826,497
|
|
Pool # TA8148, 5.50%, 3/1/2056
|
1,896,055
|
1,910,740
|
|
Pool # TA8151, 5.50%, 3/1/2056
|
940,156
|
948,150
|
|
Pool # TA8849, 5.50%, 3/1/2056
|
748,279
|
756,058
|
|
Pool # TA8855, 5.50%, 3/1/2056
|
907,512
|
917,421
|
|
Pool # TA8856, 5.50%, 3/1/2056
|
2,753,171
|
2,779,242
|
|
Pool # TA8862, 5.50%, 3/1/2056
|
2,751,142
|
2,764,896
|
|
Pool # TA8887, 5.50%, 3/1/2056
|
3,392,698
|
3,423,550
|
|
Pool # TA9000, 5.50%, 3/1/2056
|
419,241
|
421,793
|
|
Pool # TA7663, 6.00%, 3/1/2056
|
828,194
|
854,164
|
|
Pool # TA7664, 6.00%, 3/1/2056
|
359,115
|
368,260
|
|
Pool # TA8858, 6.00%, 3/1/2056
|
1,017,293
|
1,047,523
|
|
Pool # TA8870, 6.00%, 3/1/2056
|
2,753,448
|
2,820,196
|
|
Pool # TA8890, 6.00%, 3/1/2056
|
1,266,538
|
1,303,352
|
|
Pool # TA9439, 6.00%, 3/1/2056
|
209,647
|
215,636
|
|
Pool # TA6726, 6.50%, 3/1/2056
|
258,746
|
272,034
|
|
Pool # TA7116, 6.50%, 3/1/2056
|
248,977
|
260,048
|
|
Pool # TA7117, 6.50%, 3/1/2056
|
201,468
|
210,388
|
|
Pool # TA7125, 6.50%, 3/1/2056
|
229,324
|
240,244
|
|
Pool # TA8874, 6.50%, 3/1/2056
|
798,395
|
836,420
|
|
Pool # TA8875, 6.50%, 3/1/2056
|
296,844
|
310,658
|
|
Pool # TA8878, 6.50%, 3/1/2056
|
738,025
|
771,139
|
|
Pool # TA8880, 6.50%, 3/1/2056
|
388,945
|
406,099
|
|
Pool # TA8892, 6.50%, 3/1/2056
|
428,292
|
447,839
|
|
Pool # TA9455, 5.50%, 4/1/2056
|
1,966,326
|
1,976,157
|
|
Pool # TB0509, 5.50%, 4/1/2056
|
3,061,302
|
3,084,447
|
|
Pool # TB1157, 5.50%, 4/1/2056
|
3,998,210
|
4,027,497
|
|
Pool # TB0362, 6.00%, 4/1/2056
|
1,008,728
|
1,037,004
|
|
Pool # TB0363, 6.00%, 4/1/2056
|
579,442
|
597,612
|
|
Pool # TB0377, 6.00%, 4/1/2056
|
169,840
|
174,692
|
|
Pool # TB1161, 6.00%, 4/1/2056
|
6,960,970
|
7,130,985
|
|
Pool # TB1164, 6.00%, 4/1/2056
|
1,003,149
|
1,031,269
|
|
Pool # TB1922, 6.00%, 4/1/2056
|
602,203
|
616,802
|
|
Pool # TA9432, 6.50%, 4/1/2056
|
259,725
|
271,157
|
|
Pool # TB0366, 6.50%, 4/1/2056
|
159,860
|
166,896
|
|
Pool # TB0376, 6.50%, 4/1/2056
|
1,139,121
|
1,186,690
|
|
Pool # TB1178, 6.50%, 4/1/2056
|
1,103,935
|
1,152,526
|
|
Pool # TB1180, 6.50%, 4/1/2056
|
1,134,293
|
1,181,660
|
|
Pool # TB2242, 5.50%, 5/1/2056
|
17,171,747
|
17,327,906
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # TB2246, 5.50%, 5/1/2056
|
11,202,655
|
11,300,170
|
|
Pool # TB2139, 6.00%, 5/1/2056
|
459,693
|
470,348
|
|
Pool # TB3715, 7.00%, 5/1/2056
|
200,000
|
212,190
|
|
Pool # TB3717, 7.00%, 5/1/2056
|
200,000
|
212,144
|
|
Pool # TB3721, 7.00%, 5/1/2056
|
200,000
|
212,039
|
|
Pool # TB3725, 7.00%, 5/1/2056
|
200,000
|
212,039
|
|
Pool # TB4991, 6.00%, 6/1/2056
|
1,310,000
|
1,344,181
|
|
Pool # TB5000, 6.00%, 6/1/2056
|
390,000
|
399,170
|
|
Pool # TB5004, 6.00%, 6/1/2056
|
1,220,000
|
1,246,487
|
|
Pool # TB5009, 6.50%, 6/1/2056
|
1,390,000
|
1,444,386
|
|
Pool # TB5010, 6.50%, 6/1/2056
|
420,000
|
437,538
|
|
Pool # TB5015, 6.50%, 6/1/2056
|
140,000
|
146,137
|
|
Pool # TB5016, 6.50%, 6/1/2056
|
140,000
|
146,162
|
|
FNMA
|
|
|
|
Pool # BM7862, ARM, 5.02%, 10/1/2055 (a)
|
2,317,443
|
2,325,111
|
|
Pool # DF1997, ARM, 4.85%, 11/1/2055 (a)
|
5,185,232
|
5,185,742
|
|
Pool # BM7859, ARM, 4.87%, 11/1/2055 (a)
|
15,202,364
|
15,204,794
|
|
Pool # BM7874, ARM, 4.98%, 11/1/2055 (a)
|
21,381,458
|
21,429,795
|
|
Pool # DF4134, ARM, 5.32%, 11/1/2055 (a)
|
7,225,993
|
7,271,628
|
|
FNMA UMBS, 30 Year
|
|
|
|
Pool # CB7136, 6.50%, 9/1/2053
|
8,161,015
|
8,607,393
|
|
Pool # CB7141, 6.50%, 9/1/2053 (b)
|
18,151,441
|
18,967,310
|
|
Pool # FS9123, 6.50%, 12/1/2053
|
6,024,055
|
6,345,861
|
|
Pool # DA6408, 8.00%, 12/1/2053
|
219,574
|
238,503
|
|
Pool # DA6398, 8.00%, 1/1/2054
|
188,985
|
205,277
|
|
Pool # CB8004, 6.00%, 2/1/2054
|
2,041,856
|
2,105,898
|
|
Pool # CB8495, 6.00%, 5/1/2054
|
6,738,123
|
6,926,404
|
|
Pool # CB8853, 6.00%, 7/1/2054
|
23,725,421
|
24,631,821
|
|
Pool # FS8911, 6.50%, 8/1/2054
|
7,333,898
|
7,749,966
|
|
Pool # CB9153, 6.00%, 9/1/2054
|
8,176,623
|
8,498,829
|
|
Pool # DC7023, 6.00%, 12/1/2054
|
19,633,500
|
20,059,759
|
|
Pool # FA1925, 6.00%, 12/1/2054
|
9,646,934
|
9,913,685
|
|
Pool # FA0541, 6.00%, 2/1/2055
|
11,839,871
|
12,280,774
|
|
Pool # FA3119, 6.00%, 2/1/2055
|
19,572,988
|
19,998,360
|
|
Pool # DD8503, 6.00%, 5/1/2055
|
35,016,863
|
35,777,107
|
|
Pool # DE9119, 5.50%, 10/1/2055
|
922,381
|
926,992
|
|
Pool # DF1922, 5.50%, 10/1/2055
|
655,644
|
658,922
|
|
Pool # FA2900, 6.00%, 10/1/2055
|
45,942,383
|
47,620,514
|
|
Pool # FA3423, 6.00%, 11/1/2055
|
59,665,856
|
61,845,279
|
|
Pool # DF3947, 5.50%, 12/1/2055
|
247,879
|
249,119
|
|
Pool # DF5185, 5.50%, 12/1/2055
|
159,252
|
160,048
|
|
Pool # DF6528, 5.50%, 12/1/2055
|
2,350,743
|
2,367,106
|
|
Pool # DF6535, 5.50%, 12/1/2055
|
3,280,627
|
3,340,509
|
|
Pool # DF6613, 5.50%, 12/1/2055
|
955,920
|
968,440
|
|
Pool # DF6615, 5.50%, 12/1/2055
|
1,458,143
|
1,472,667
|
|
Pool # DF8733, 5.50%, 12/1/2055
|
745,857
|
749,586
|
|
Pool # DG0277, 5.50%, 12/1/2055
|
140,969
|
141,674
|
|
Pool # DF8756, 6.00%, 12/1/2055
|
448,482
|
463,164
|
|
Pool # DF0526, 5.50%, 1/1/2056
|
977,225
|
982,111
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DF1408, 5.50%, 1/1/2056
|
737,265
|
744,518
|
|
Pool # DF8198, 5.50%, 1/1/2056
|
79,468
|
80,055
|
|
Pool # DF8915, 5.50%, 1/1/2056
|
288,808
|
290,252
|
|
Pool # DF9067, 5.50%, 1/1/2056
|
5,664,257
|
5,713,326
|
|
Pool # DF9545, 5.50%, 1/1/2056
|
338,540
|
341,875
|
|
Pool # DF9558, 5.50%, 1/1/2056
|
109,703
|
110,420
|
|
Pool # DG2633, 5.50%, 1/1/2056
|
853,180
|
872,766
|
|
Pool # MA5945, 5.50%, 1/1/2056
|
100,252,346
|
100,753,574
|
|
Pool # CC1887, 6.00%, 1/1/2056
|
14,218,009
|
14,569,141
|
|
Pool # DE6957, 6.00%, 1/1/2056
|
3,485,503
|
3,571,582
|
|
Pool # DF9392, 6.00%, 1/1/2056
|
2,017,515
|
2,075,632
|
|
Pool # DF9394, 6.00%, 1/1/2056
|
2,696,109
|
2,773,109
|
|
Pool # DF9396, 6.00%, 1/1/2056
|
2,614,624
|
2,687,903
|
|
Pool # DF9400, 6.00%, 1/1/2056
|
2,399,448
|
2,457,609
|
|
Pool # DF9401, 6.00%, 1/1/2056
|
2,926,291
|
3,011,347
|
|
Pool # DF9403, 6.00%, 1/1/2056
|
874,177
|
902,077
|
|
Pool # DF9774, 6.00%, 1/1/2056
|
1,983,305
|
2,047,209
|
|
Pool # DF9784, 6.00%, 1/1/2056
|
488,351
|
501,217
|
|
Pool # DF9799, 6.00%, 1/1/2056
|
318,950
|
331,998
|
|
Pool # DG0834, 6.00%, 1/1/2056
|
1,823,926
|
1,878,518
|
|
Pool # DF9405, 6.50%, 1/1/2056
|
656,448
|
687,685
|
|
Pool # DF9406, 6.50%, 1/1/2056
|
205,897
|
215,135
|
|
Pool # DF9407, 6.50%, 1/1/2056
|
209,037
|
217,949
|
|
Pool # DF9410, 6.50%, 1/1/2056
|
477,467
|
499,754
|
|
Pool # DF9411, 6.50%, 1/1/2056
|
392,356
|
412,031
|
|
Pool # DF9412, 6.50%, 1/1/2056
|
457,820
|
480,157
|
|
Pool # DF9759, 6.50%, 1/1/2056
|
588,053
|
625,876
|
|
Pool # DF9789, 6.50%, 1/1/2056
|
827,484
|
865,849
|
|
Pool # DF6909, 7.00%, 1/1/2056
|
319,114
|
339,802
|
|
Pool # DF4315, 5.50%, 2/1/2056
|
348,963
|
350,708
|
|
Pool # DF6150, 5.50%, 2/1/2056
|
1,262,728
|
1,270,541
|
|
Pool # DF6154, 5.50%, 2/1/2056
|
1,446,026
|
1,456,959
|
|
Pool # DF9556, 5.50%, 2/1/2056
|
616,016
|
622,080
|
|
Pool # DG1432, 5.50%, 2/1/2056
|
1,205,566
|
1,214,468
|
|
Pool # DG1463, 5.50%, 2/1/2056
|
1,833,903
|
1,848,613
|
|
Pool # DG1477, 5.50%, 2/1/2056
|
648,152
|
655,075
|
|
Pool # DG1567, 5.50%, 2/1/2056
|
1,731,750
|
1,748,654
|
|
Pool # DG1571, 5.50%, 2/1/2056
|
1,202,354
|
1,215,479
|
|
Pool # DG1572, 5.50%, 2/1/2056
|
3,064,470
|
3,079,791
|
|
Pool # DG2562, 5.50%, 2/1/2056
|
1,482,922
|
1,497,678
|
|
Pool # DG2571, 5.50%, 2/1/2056
|
428,317
|
433,177
|
|
Pool # DG2878, 5.50%, 2/1/2056
|
258,551
|
261,098
|
|
Pool # DF6156, 6.00%, 2/1/2056
|
668,318
|
684,519
|
|
Pool # DF9402, 6.00%, 2/1/2056
|
1,034,655
|
1,068,013
|
|
Pool # DG0817, 6.00%, 2/1/2056
|
1,722,969
|
1,771,794
|
|
Pool # DG1435, 6.00%, 2/1/2056
|
1,684,764
|
1,728,290
|
|
Pool # DG1515, 6.00%, 2/1/2056
|
9,228,165
|
9,493,154
|
|
Pool # DG1582, 6.00%, 2/1/2056
|
995,087
|
1,024,194
|
|
Pool # DG1583, 6.00%, 2/1/2056
|
2,195,027
|
2,258,255
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DG1585, 6.00%, 2/1/2056
|
1,383,655
|
1,423,174
|
|
Pool # DG1590, 6.00%, 2/1/2056
|
840,389
|
865,446
|
|
Pool # DG2582, 6.00%, 2/1/2056
|
1,685,172
|
1,726,022
|
|
Pool # DG2870, 6.00%, 2/1/2056
|
917,643
|
961,244
|
|
Pool # DG0818, 6.50%, 2/1/2056
|
1,444,716
|
1,508,739
|
|
Pool # DG1597, 6.50%, 2/1/2056
|
316,361
|
330,942
|
|
Pool # DG1598, 6.50%, 2/1/2056
|
229,115
|
239,670
|
|
Pool # DG2059, 6.50%, 2/1/2056
|
139,560
|
146,399
|
|
Pool # DG3689, 6.50%, 2/1/2056
|
477,901
|
501,898
|
|
Pool # DF6166, 5.00%, 3/1/2056
|
1,277,274
|
1,259,910
|
|
Pool # DG4522, 5.00%, 3/1/2056
|
1,835,006
|
1,811,379
|
|
Pool # DG4524, 5.00%, 3/1/2056
|
2,762,688
|
2,725,364
|
|
Pool # DG3041, 5.50%, 3/1/2056
|
1,250,145
|
1,274,551
|
|
Pool # DG3660, 5.50%, 3/1/2056
|
488,323
|
496,034
|
|
Pool # DG3663, 5.50%, 3/1/2056
|
737,723
|
744,709
|
|
Pool # DG3668, 5.50%, 3/1/2056
|
886,213
|
898,503
|
|
Pool # DG3669, 5.50%, 3/1/2056
|
486,389
|
494,061
|
|
Pool # DG3743, 5.50%, 3/1/2056
|
368,882
|
374,844
|
|
Pool # DG3747, 5.50%, 3/1/2056
|
827,955
|
844,119
|
|
Pool # DG4449, 5.50%, 3/1/2056
|
1,635,408
|
1,650,278
|
|
Pool # DG4457, 5.50%, 3/1/2056
|
368,892
|
373,078
|
|
Pool # DG4498, 5.50%, 3/1/2056
|
848,153
|
855,365
|
|
Pool # DG4540, 5.50%, 3/1/2056
|
638,686
|
645,453
|
|
Pool # DG5494, 5.50%, 3/1/2056
|
1,555,440
|
1,570,168
|
|
Pool # DG5496, 5.50%, 3/1/2056
|
1,815,376
|
1,831,177
|
|
Pool # DG5497, 5.50%, 3/1/2056
|
878,237
|
885,705
|
|
Pool # DG5501, 5.50%, 3/1/2056
|
3,092,469
|
3,107,931
|
|
Pool # MA5998, 5.50%, 3/1/2056
|
6,065,011
|
6,095,334
|
|
Pool # DG3673, 6.00%, 3/1/2056
|
827,964
|
854,252
|
|
Pool # DG3682, 6.50%, 3/1/2056
|
388,805
|
408,129
|
|
Pool # DG3683, 6.50%, 3/1/2056
|
359,170
|
376,475
|
|
Pool # DG3684, 6.50%, 3/1/2056
|
358,970
|
374,802
|
|
Pool # DG3686, 6.50%, 3/1/2056
|
588,675
|
614,585
|
|
Pool # DG3688, 6.50%, 3/1/2056
|
788,032
|
820,938
|
|
Pool # DG3693, 6.50%, 3/1/2056
|
388,968
|
407,492
|
|
Pool # DF6182, 5.50%, 4/1/2056
|
2,300,547
|
2,313,071
|
|
Pool # DF6192, 5.50%, 4/1/2056
|
1,190,268
|
1,197,353
|
|
Pool # DG6115, 5.50%, 4/1/2056
|
2,385,336
|
2,397,262
|
|
Pool # DG6119, 5.50%, 4/1/2056
|
459,028
|
464,237
|
|
Pool # DG7692, 5.50%, 4/1/2056
|
4,251,289
|
4,285,060
|
|
Pool # DG7694, 5.50%, 4/1/2056
|
5,446,549
|
5,483,425
|
|
Pool # DG7697, 5.50%, 4/1/2056
|
13,731,959
|
13,800,614
|
|
Pool # DG6130, 6.00%, 4/1/2056
|
2,414,802
|
2,490,516
|
|
Pool # DG6828, 6.00%, 4/1/2056
|
349,166
|
359,139
|
|
Pool # DG6834, 6.00%, 4/1/2056
|
329,723
|
337,665
|
|
Pool # DG6837, 6.00%, 4/1/2056
|
1,616,645
|
1,663,633
|
|
Pool # DG6838, 6.00%, 4/1/2056
|
488,920
|
503,497
|
|
Pool # DG6840, 6.00%, 4/1/2056
|
339,500
|
347,945
|
|
Pool # DG7708, 6.00%, 4/1/2056
|
17,147,126
|
17,565,926
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DG6133, 6.50%, 4/1/2056
|
669,032
|
698,781
|
|
Pool # DG6135, 6.50%, 4/1/2056
|
409,392
|
427,412
|
|
Pool # DG6137, 6.50%, 4/1/2056
|
1,394,990
|
1,458,217
|
|
Pool # DG6139, 6.50%, 4/1/2056
|
449,335
|
470,045
|
|
Pool # DG6852, 6.50%, 4/1/2056
|
2,127,553
|
2,216,394
|
|
Pool # DG6853, 6.50%, 4/1/2056
|
379,570
|
395,634
|
|
Pool # DG6857, 6.50%, 4/1/2056
|
439,528
|
459,784
|
|
Pool # DG8229, 6.50%, 4/1/2056
|
8,318,025
|
8,665,331
|
|
Pool # DG6141, 7.00%, 4/1/2056
|
249,693
|
264,874
|
|
Pool # DG6862, 7.00%, 4/1/2056
|
339,760
|
360,289
|
|
Pool # DG9944, 6.50%, 5/1/2056
|
3,177,665
|
3,318,965
|
|
Pool # DG9951, 6.50%, 5/1/2056
|
6,068,306
|
6,321,711
|
|
Pool # DH1075, 6.50%, 5/1/2056
|
150,000
|
156,731
|
|
Pool # DH1076, 6.50%, 5/1/2056
|
100,000
|
104,447
|
|
Pool # DH1078, 6.50%, 5/1/2056
|
100,000
|
104,411
|
|
Pool # DH1080, 6.50%, 5/1/2056
|
100,000
|
104,402
|
|
Pool # DH1091, 7.00%, 5/1/2056
|
100,000
|
106,072
|
|
Pool # DH1092, 7.00%, 5/1/2056
|
100,000
|
106,042
|
|
Pool # DH2435, 6.00%, 6/1/2056
|
1,010,000
|
1,039,360
|
|
Pool # DH2440, 6.00%, 6/1/2056
|
1,920,000
|
1,961,685
|
|
Pool # DH1934, 6.50%, 6/1/2056
|
120,000
|
125,281
|
|
Pool # DH1936, 6.50%, 6/1/2056
|
140,000
|
145,846
|
|
Pool # DH1949, 7.00%, 6/1/2056
|
500,000
|
530,361
|
|
Pool # DH1951, 7.00%, 6/1/2056
|
300,000
|
318,059
|
|
Pool # DH1952, 7.00%, 6/1/2056
|
500,000
|
530,098
|
|
FNMA, Other
|
|
|
|
Pool # BS9065, 4.62%, 7/1/2028
|
650,000
|
652,876
|
|
Pool # BS9617, 4.79%, 10/1/2028
|
1,200,000
|
1,210,374
|
|
Pool # BS7094, 4.78%, 11/1/2029
|
3,520,000
|
3,543,906
|
|
Pool # BS9607, 5.06%, 9/1/2030
|
162,000
|
165,378
|
|
Pool # BS9738, 4.97%, 10/1/2030
|
220,000
|
223,580
|
|
Pool # BS3390, 1.69%, 10/1/2031
|
1,251,412
|
1,099,339
|
|
Pool # BS3377, 1.72%, 10/1/2031
|
205,000
|
178,471
|
|
Pool # BS8929, 4.52%, 7/1/2033
|
4,800,000
|
4,787,896
|
|
Pool # BS4294, 1.97%, 1/1/2034
|
800,000
|
671,639
|
|
Pool # BZ1211, 4.99%, 6/1/2034
|
840,000
|
858,752
|
|
Pool # BZ3537, 4.97%, 4/1/2035
|
2,639,373
|
2,684,506
|
|
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 6.50%, 7/25/2056 (b)
|
19,000,000
|
19,706,046
|
|
GNMA II, 30 Year
|
|
|
|
Pool # 2644, 6.50%, 9/20/2028
|
102
|
106
|
|
Pool # MA8151, 4.50%, 7/20/2052
|
22
|
21
|
|
Pool # MA8649, 6.00%, 2/20/2053
|
222,430
|
228,466
|
|
Pool # MA9109, 7.00%, 8/20/2053
|
532,183
|
553,274
|
|
Pool # CV8103, 6.00%, 9/20/2053
|
1,022,596
|
1,049,422
|
|
Pool # 786958, 6.00%, 10/20/2053
|
42,175,161
|
43,694,004
|
|
Pool # DB1521, 6.00%, 4/20/2054
|
162,031
|
168,146
|
|
Pool # MA9725, 5.50%, 6/20/2054
|
15,440,721
|
15,590,690
|
|
Pool # DB7182, 6.00%, 6/20/2054
|
83,311
|
86,253
|
|
Pool # DB9010, 6.00%, 6/20/2054
|
97,990
|
100,620
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # DC6423, 6.00%, 6/20/2054
|
309,907
|
321,604
|
|
Pool # DC6424, 6.00%, 6/20/2054
|
186,948
|
193,551
|
|
Pool # DC6462, 6.00%, 6/20/2054
|
240,424
|
249,790
|
|
Pool # DC6464, 6.00%, 6/20/2054
|
1,165,671
|
1,202,603
|
|
Pool # DC7762, 6.00%, 6/20/2054
|
1,277,215
|
1,317,682
|
|
Pool # DB7520, 6.00%, 7/20/2054
|
421,800
|
434,142
|
|
Pool # DC6650, 6.00%, 7/20/2054
|
1,135,539
|
1,171,517
|
|
Pool # DC8318, 6.00%, 7/20/2054
|
59,197
|
61,285
|
|
Pool # DC8319, 6.00%, 7/20/2054
|
97,506
|
100,949
|
|
Pool # 787515, 6.00%, 8/20/2054
|
6,333,961
|
6,523,114
|
|
Pool # DE1862, 6.00%, 8/20/2054
|
2,468,308
|
2,546,747
|
|
Pool # 787553, 6.00%, 9/20/2054
|
7,961,937
|
8,218,263
|
|
Pool # DE0971, 6.00%, 9/20/2054
|
67,759
|
69,905
|
|
Pool # DE4370, 6.00%, 9/20/2054
|
171,450
|
176,882
|
|
Pool # DE4373, 6.00%, 9/20/2054
|
180,223
|
185,934
|
|
Pool # DE6274, 6.00%, 9/20/2054
|
5,522,093
|
5,697,058
|
|
Pool # 787593, 5.50%, 10/20/2054
|
9,521,079
|
9,669,897
|
|
Pool # 787595, 6.00%, 10/20/2054
|
23,636,699
|
24,428,163
|
|
Pool # 787596, 6.00%, 10/20/2054
|
25,920,854
|
26,852,077
|
|
Pool # DF5278, 6.00%, 10/20/2054
|
102,010
|
105,242
|
|
Pool # DF5283, 6.00%, 10/20/2054
|
913,926
|
942,885
|
|
Pool # DF5284, 6.00%, 10/20/2054
|
834,956
|
861,412
|
|
Pool # 787890, 6.00%, 11/20/2054
|
4,977,860
|
5,136,525
|
|
Pool # DF8119, 6.00%, 11/20/2054
|
5,977,302
|
6,166,690
|
|
Pool # DF8120, 6.00%, 11/20/2054
|
7,122,724
|
7,348,401
|
|
Pool # DG0986, 6.00%, 11/20/2054
|
61,751
|
64,166
|
|
Pool # DG1019, 6.00%, 11/20/2054
|
195,454
|
203,406
|
|
Pool # DG1038, 6.00%, 11/20/2054
|
47,750
|
49,617
|
|
Pool # DE0928, 6.00%, 12/20/2054
|
92,975
|
96,912
|
|
Pool # DF4458, 6.00%, 12/20/2054
|
155,504
|
161,586
|
|
Pool # DF4461, 6.00%, 12/20/2054
|
205,008
|
210,882
|
|
Pool # DF4477, 6.00%, 12/20/2054
|
381,640
|
397,421
|
|
Pool # DF8291, 6.00%, 12/20/2054
|
859,911
|
887,157
|
|
Pool # DG1004, 6.00%, 12/20/2054
|
225,211
|
234,019
|
|
Pool # DG1015, 6.00%, 12/20/2054
|
129,313
|
133,801
|
|
Pool # DG1018, 6.00%, 12/20/2054
|
166,764
|
173,294
|
|
Pool # DG1027, 6.00%, 12/20/2054
|
181,597
|
188,698
|
|
Pool # DG8794, 6.00%, 12/20/2054
|
42,173
|
43,824
|
|
Pool # DG8812, 6.00%, 12/20/2054
|
61,144
|
63,535
|
|
Pool # DG8826, 6.00%, 12/20/2054
|
94,510
|
98,355
|
|
Pool # DG8827, 6.00%, 1/20/2055
|
321,036
|
333,592
|
|
Pool # DG8828, 6.00%, 1/20/2055
|
122,269
|
126,128
|
|
Pool # DG8829, 6.00%, 1/20/2055
|
156,181
|
162,796
|
|
Pool # DG8840, 6.00%, 1/20/2055
|
73,170
|
76,035
|
|
Pool # DG8841, 6.00%, 1/20/2055
|
187,055
|
194,370
|
|
Pool # DG8842, 6.00%, 1/20/2055
|
50,160
|
51,598
|
|
Pool # DG8843, 6.00%, 1/20/2055
|
95,031
|
98,732
|
|
Pool # DG8871, 6.00%, 1/20/2055
|
57,787
|
60,050
|
|
Pool # 787839, 5.50%, 2/20/2055
|
49,465,358
|
49,769,831
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Mortgage-Backed Securities — continued
|
||
|
Pool # 787892, 5.50%, 2/20/2055
|
20,088,818
|
20,384,403
|
|
Pool # 787885, 6.00%, 3/20/2055
|
29,495,646
|
30,430,212
|
|
Pool # 787933, 5.50%, 4/20/2055
|
46,393,781
|
46,679,346
|
|
Pool # 787935, 5.50%, 4/20/2055
|
9,567,022
|
9,696,902
|
|
Pool # 787936, 5.50%, 4/20/2055
|
15,537,678
|
15,804,300
|
|
Pool # DI0238, 6.00%, 4/20/2055
|
1,149,379
|
1,176,213
|
|
Pool # 787987, 5.50%, 5/20/2055
|
25,367,950
|
25,733,459
|
|
Pool # 788063, 6.00%, 7/20/2055
|
10,334,907
|
10,662,367
|
|
Pool # 788132, 5.50%, 8/20/2055
|
52,804,616
|
53,550,886
|
|
Pool # DN0795, 5.50%, 10/20/2055
|
8,928,939
|
9,091,717
|
|
Pool # DN5662, 5.50%, 10/20/2055
|
2,761,780
|
2,807,147
|
|
Pool # DN5666, 5.50%, 10/20/2055
|
4,731,479
|
4,794,597
|
|
Pool # DN5956, 6.00%, 10/20/2055
|
993,275
|
1,030,597
|
|
Pool # DN5965, 6.00%, 10/20/2055
|
3,427,570
|
3,536,588
|
|
Pool # DN5970, 6.00%, 10/20/2055
|
3,389,589
|
3,488,909
|
|
Pool # DN5975, 6.00%, 10/20/2055
|
1,060,215
|
1,089,439
|
|
Pool # 788245, 6.50%, 10/20/2055
|
19,227,651
|
20,228,554
|
|
Pool # 788316, 5.50%, 12/20/2055
|
12,357,287
|
12,494,412
|
|
Pool # MB0814, 5.50%, 12/20/2055
|
196,944,328
|
198,365,931
|
|
Pool # 788314, 6.00%, 12/20/2055
|
6,260,953
|
6,456,218
|
|
Pool # MB0872, 5.50%, 1/20/2056
|
148,271,242
|
149,341,509
|
|
Pool # 788375, 6.50%, 1/20/2056
|
37,311,765
|
39,208,517
|
|
Pool # MB1072, 6.00%, 4/20/2056
|
129,759,407
|
132,461,707
|
|
Pool # MB1144, 6.00%, 5/20/2056
|
37,620,000
|
38,385,221
|
|
Pool # MB1218, 6.00%, 6/20/2056
|
55,720,453
|
56,995,929
|
|
Pool # MB1219, 6.50%, 6/20/2056 (b)
|
70,800,000
|
73,941,750
|
|
GNMA II, Single Family, 30 Year
|
|
|
|
TBA, 4.50%, 6/15/2056 (b)
|
82,790,000
|
79,631,943
|
|
TBA, 5.50%, 6/15/2056 (b)
|
50,998,688
|
51,313,212
|
|
TBA, 6.00%, 6/15/2056 (b)
|
78,880,000
|
80,363,719
|
|
TBA, 6.50%, 6/15/2056 (b)
|
53,000,000
|
55,187,273
|
|
Total Mortgage-Backed Securities
(Cost $2,873,344,154)
|
|
2,866,264,588
|
|
Collateralized Mortgage Obligations — 19.1%
|
||
|
Al, 5.59%, 10/25/2029 ‡
|
10,000,000
|
10,000,000
|
|
Anchor Mortgage Trust Series 2025-RTL1, Class A1, 5.72%, 5/25/2040 (c) (d)
|
1,200,000
|
1,199,428
|
|
Center Street Lending Resi-Investor ABS Mortgage Trust Series 2026-RTL1, Class A1,
5.38%, 12/25/2030 (c) (d)
|
10,620,000
|
10,575,461
|
|
Chase Home Lending Mortgage Trust Series 2025-DRT1, Class B3, 6.75%, 5/25/2056 (a) (c)
|
4,079,060
|
4,136,319
|
|
CHL Mortgage Pass-Through Trust Series 2006-OA5, Class 2A1, 4.10%, 4/25/2046 (a)
|
131,304
|
118,438
|
|
Citi Asset Receivables Trust
|
|
|
|
Series 2025-6, Class CERT, 0.00%, 9/20/2031 ‡ (c)
|
2,424,989
|
2,329,687
|
|
Series 2025-7, Class CERT, 0.00%, 10/20/2031 ‡ (c)
|
3,668,496
|
3,547,436
|
|
Citi Asset Receivables Trust I
|
|
|
|
Series 2025-3, Class CERT, 0.00%, 6/20/2031 ‡ (c)
|
1,486,377
|
1,443,718
|
|
Series 2025-4, Class CERT, 0.00%, 7/20/2031 ‡ (c) (e)
|
2,461,365
|
2,377,433
|
|
Series 2025-5, Class CERT, 0.00%, 8/20/2031 ‡ (c) (e)
|
3,301,636
|
3,182,117
|
|
Series 2025-8, Class CERT, 0.00%, 11/20/2031 ‡ (c)
|
4,439,412
|
4,330,202
|
|
Series 2025-9, Class CERT, 0.00%, 12/20/2031 ‡ (c)
|
6,788,984
|
6,630,800
|
|
Series 2025-10, Class CERT, 0.00%, 1/20/2032 ‡ (c)
|
7,230,284
|
7,194,856
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2026-1, Class CERT, 0.00%, 2/20/2032 ‡ (c)
|
9,194,776
|
9,141,446
|
|
Series 2026-2, Class CERT, 0.00%, 3/20/2032 ‡ (c)
|
12,453,138
|
12,261,360
|
|
Series 2026-3, Class CERT, 0.00%, 4/20/2032 ‡ (c)
|
33,507,882
|
33,360,447
|
|
Series 2026-4, Class CERT, 0.00%, 5/20/2032 ‡ (c)
|
66,705,000
|
67,538,812
|
|
Series 2026-5, Class CERT, 0.00%, 6/20/2032 ‡ (c)
|
46,567,000
|
48,484,933
|
|
CITI Asset Receivables Trust I Series 2025-2, Class CERT, 0.00%, 5/20/2031 ‡ (c) (e)
|
1,059,328
|
1,022,040
|
|
COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068 (c) (d)
|
166,559
|
166,306
|
|
Connecticut Avenue Securities Trust
|
|
|
|
Series 2019-R04, Class 2B1, 8.98%, 6/25/2039 (a) (c)
|
4,486,576
|
4,499,798
|
|
Series 2019-R05, Class 1B1, 7.83%, 7/25/2039 (a) (c)
|
4,837,817
|
4,859,776
|
|
Series 2019-R06, Class 2B1, 7.48%, 9/25/2039 (a) (c)
|
2,522,705
|
2,542,544
|
|
Series 2019-R07, Class 1B1, 7.13%, 10/25/2039 (a) (c)
|
2,516,216
|
2,534,959
|
|
Series 2019-HRP1, Class B1, 12.98%, 11/25/2039 (a) (c)
|
17,271,149
|
17,875,283
|
|
Series 2020-R02, Class 2B1, 6.73%, 1/25/2040 (a) (c)
|
9,300,000
|
9,400,532
|
|
Series 2020-R01, Class 1B1, 6.98%, 1/25/2040 (a) (c)
|
6,800,000
|
6,885,449
|
|
Series 2021-R01, Class 1B1, 6.71%, 10/25/2041 (a) (c)
|
2,000,000
|
2,015,740
|
|
Series 2021-R02, Class 2M2, 5.61%, 11/25/2041 (a) (c)
|
3,987,117
|
3,989,594
|
|
Series 2021-R02, Class 2B1, 6.91%, 11/25/2041 (a) (c)
|
64,000
|
64,658
|
|
Series 2021-R03, Class 1M2, 5.26%, 12/25/2041 (a) (c)
|
1,870,651
|
1,877,053
|
|
Series 2022-R03, Class 1B1, 9.86%, 3/25/2042 (a) (c)
|
5,660,000
|
5,884,931
|
|
Series 2022-R06, Class 1M2, 7.46%, 5/25/2042 (a) (c)
|
1,100,000
|
1,128,798
|
|
Series 2023-R02, Class 1M2, 6.96%, 1/25/2043 (a) (c)
|
550,000
|
568,222
|
|
Series 2023-R02, Class 1B1, 9.16%, 1/25/2043 (a) (c)
|
350,000
|
372,767
|
|
Series 2023-R03, Class 2M2, 7.51%, 4/25/2043 (a) (c)
|
2,640,000
|
2,761,164
|
|
Series 2023-R04, Class 1M2, 7.16%, 5/25/2043 (a) (c)
|
500,000
|
520,600
|
|
Series 2023-R04, Class 1B1, 8.96%, 5/25/2043 (a) (c)
|
2,600,000
|
2,788,128
|
|
Series 2023-R06, Class 1M2, 6.31%, 7/25/2043 (a) (c)
|
680,000
|
697,000
|
|
Series 2023-R07, Class 2M2, 6.86%, 9/25/2043 (a) (c)
|
16,000,000
|
16,454,264
|
|
Series 2023-R07, Class 2B1, 8.11%, 9/25/2043 (a) (c)
|
5,000,000
|
5,325,632
|
|
Series 2023-R08, Class 1M2, 6.11%, 10/25/2043 (a) (c)
|
5,400,000
|
5,494,369
|
|
Series 2024-R01, Class 1M1, 4.66%, 1/25/2044 (a) (c)
|
2,026,247
|
2,025,632
|
|
Series 2024-R01, Class 1B1, 6.31%, 1/25/2044 (a) (c)
|
2,500,000
|
2,564,020
|
|
Series 2024-R02, Class 1M2, 5.41%, 2/25/2044 (a) (c)
|
460,000
|
463,165
|
|
Series 2024-R04, Class 1M2, 5.26%, 5/25/2044 (a) (c)
|
1,296,000
|
1,299,642
|
|
Series 2024-R05, Class 2M2, 5.31%, 7/25/2044 (a) (c)
|
324,587
|
325,196
|
|
Series 2024-R05, Class 2B1, 5.61%, 7/25/2044 (a) (c)
|
7,000,000
|
7,059,359
|
|
Series 2024-R06, Class 1M2, 5.21%, 9/25/2044 (a) (c)
|
2,992,065
|
2,996,964
|
|
Series 2025-R06, Class 1M2, 5.16%, 9/25/2045 (a) (c)
|
6,520,000
|
6,540,897
|
|
Series 2025-R06, Class 1B1, 5.46%, 9/25/2045 (a) (c)
|
2,830,000
|
2,845,837
|
|
Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 5.30%, 3/25/2067 (a) (c)
|
78,957
|
76,709
|
|
FHLMC STACR REMIC Trust
|
|
|
|
Series 2021-HQA1, Class B1, 6.61%, 8/25/2033 (a) (c)
|
3,400,000
|
3,708,062
|
|
Series 2021-DNA2, Class B1, 7.01%, 8/25/2033 (a) (c)
|
6,600,000
|
7,311,165
|
|
Series 2021-HQA1, Class B2, 8.61%, 8/25/2033 (a) (c)
|
9,166,267
|
10,797,723
|
|
Series 2021-DNA2, Class B2, 9.61%, 8/25/2033 (a) (c)
|
18,622,782
|
22,909,875
|
|
Series 2021-DNA3, Class B2, 9.86%, 10/25/2033 (a) (c)
|
5,800,000
|
7,236,041
|
|
Series 2021-HQA2, Class B2, 9.06%, 12/25/2033 (a) (c)
|
9,090,000
|
11,004,062
|
|
Series 2021-DNA5, Class B2, 9.11%, 1/25/2034 (a) (c)
|
23,730,000
|
28,882,020
|
|
Series 2021-HQA3, Class B2, 9.86%, 9/25/2041 (a) (c)
|
500,000
|
507,374
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2021-DNA6, Class B2, 11.11%, 10/25/2041 (a) (c)
|
1,800,000
|
1,841,832
|
|
Series 2021-DNA7, Class B1, 7.26%, 11/25/2041 (a) (c)
|
8,386,000
|
8,486,330
|
|
Series 2021-HQA4, Class B2, 10.61%, 12/25/2041 (a) (c)
|
11,000,000
|
11,330,042
|
|
Series 2022-DNA2, Class M2, 7.36%, 2/25/2042 (a) (c)
|
5,470,000
|
5,570,867
|
|
Series 2022-HQA1, Class B2, 14.61%, 3/25/2042 (a) (c)
|
8,100,000
|
8,705,621
|
|
Series 2022-DNA3, Class M1B, 6.51%, 4/25/2042 (a) (c)
|
500,000
|
508,017
|
|
Series 2022-DNA3, Class B1, 9.26%, 4/25/2042 (a) (c)
|
6,250,000
|
6,486,919
|
|
Series 2022-DNA3, Class B2, 13.36%, 4/25/2042 (a) (c)
|
7,000,000
|
7,475,527
|
|
Series 2022-DNA4, Class M1B, 6.96%, 5/25/2042 (a) (c)
|
6,000,000
|
6,159,220
|
|
Series 2022-DNA4, Class M2, 8.86%, 5/25/2042 (a) (c)
|
550,000
|
571,853
|
|
Series 2022-DNA5, Class M2, 10.36%, 6/25/2042 (a) (c)
|
6,000,000
|
6,355,410
|
|
Series 2022-HQA2, Class M2, 9.61%, 7/25/2042 (a) (c)
|
2,500,000
|
2,632,526
|
|
Series 2022-HQA3, Class M1B, 7.16%, 8/25/2042 (a) (c)
|
7,600,000
|
7,827,032
|
|
Series 2022-DNA6, Class M2, 9.36%, 9/25/2042 (a) (c)
|
3,000,000
|
3,179,772
|
|
Series 2023-DNA1, Class M1A, 5.71%, 3/25/2043 (a) (c)
|
258,039
|
260,934
|
|
Series 2023-DNA2, Class M1A, 5.71%, 4/25/2043 (a) (c)
|
601,963
|
607,595
|
|
Series 2023-DNA2, Class B1, 11.21%, 4/25/2043 (a) (c)
|
5,000,000
|
5,551,088
|
|
Series 2023-HQA2, Class M1B, 6.96%, 6/25/2043 (a) (c)
|
8,200,000
|
8,404,296
|
|
Series 2023-HQA2, Class M2, 7.46%, 6/25/2043 (a) (c)
|
9,800,000
|
10,240,487
|
|
Series 2024-DNA1, Class M2, 5.56%, 2/25/2044 (a) (c)
|
1,500,000
|
1,514,535
|
|
Series 2026-DNA2, Class B1, 5.71%, 3/25/2046 (a) (c)
|
12,460,000
|
12,573,406
|
|
Series 2026-HQA1, Class M2, 5.14%, 5/25/2046 (a) (c)
|
3,000,000
|
3,000,933
|
|
Series 2020-DNA5, Class B2, 15.11%, 10/25/2050 (a) (c)
|
39,871,608
|
54,524,424
|
|
Series 2020-DNA6, Class B2, 9.26%, 12/25/2050 (a) (c)
|
1,937,000
|
2,234,827
|
|
Series 2021-DNA1, Class B2, 8.36%, 1/25/2051 (a) (c)
|
1,585,000
|
1,759,968
|
|
FHLMC STACR, Whole Loan
|
|
|
|
Series 2017-DNA2, Class B1, 8.88%, 10/25/2029 (a)
|
250,000
|
259,333
|
|
Series 2017-DNA3, Class B1, 8.18%, 3/25/2030 (a)
|
1,550,000
|
1,619,570
|
|
FHLMC, REMIC
|
|
|
|
Series 5616, Class MG, 4.35%, 7/15/2031
|
8,144,824
|
8,035,687
|
|
Series 5607, Class KT, 4.25%, 11/15/2032
|
7,558,053
|
7,409,529
|
|
Series 5616, Class GB, 4.15%, 12/15/2032
|
7,999,566
|
7,788,356
|
|
Series 5558, Class BV, 5.50%, 5/25/2036
|
2,809,887
|
2,840,903
|
|
Series 5148, Class PZ, 2.50%, 10/25/2051
|
12,800,460
|
7,945,608
|
|
Series 5151, Class KZ, 2.50%, 10/25/2051
|
8,862,478
|
5,562,297
|
|
Series 5328, Class Z, 6.00%, 8/25/2053
|
4,739,212
|
4,817,705
|
|
Series 5338, Class AZ, 6.00%, 9/25/2053
|
4,715,633
|
4,794,596
|
|
Series 5387, Class KB, 6.00%, 3/25/2054
|
2,900,000
|
3,019,984
|
|
Series 5413, Class KS, IF, IO, 2.24%, 5/25/2054 (a)
|
3,748,055
|
241,690
|
|
Series 5414, Class DZ, 6.00%, 5/25/2054
|
5,198,435
|
5,292,657
|
|
Series 5442, Class HZ, 6.00%, 8/25/2054
|
5,579,861
|
5,704,995
|
|
Series 5495, Class SC, IF, IO, 2.34%, 1/25/2055 (a)
|
33,036,272
|
2,087,697
|
|
Series 5509, Class SA, IF, IO, 2.14%, 2/25/2055 (a)
|
18,311,989
|
950,890
|
|
Series 5508, Class SN, IF, IO, 2.24%, 2/25/2055 (a)
|
11,284,757
|
630,475
|
|
Series 5520, Class SD, IF, IO, 2.27%, 3/25/2055 (a)
|
16,333,126
|
1,032,438
|
|
Series 5520, Class SE, IF, IO, 2.27%, 3/25/2055 (a)
|
7,648,211
|
425,270
|
|
Series 5516, Class BZ, 5.50%, 3/25/2055
|
2,463,300
|
2,420,768
|
|
Series 5517, Class AL, 6.00%, 3/25/2055
|
4,473,567
|
4,528,117
|
|
Series 5528, Class SA, IF, IO, 2.37%, 4/25/2055 (a)
|
16,484,394
|
1,019,471
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 5549, Class SA, IF, IO, 2.14%, 6/25/2055 (a)
|
18,484,740
|
1,088,043
|
|
Series 5580, Class Z, 5.00%, 6/25/2055
|
2,180,075
|
2,074,261
|
|
Series 5562, Class Z, 6.00%, 7/25/2055
|
500,300
|
491,473
|
|
Series 5565, Class SA, IF, IO, 2.24%, 8/25/2055 (a)
|
22,399,023
|
1,401,207
|
|
Series 5565, Class AZ, 5.00%, 8/25/2055
|
1,094,579
|
994,416
|
|
Series 5564, Class PZ, 6.00%, 8/25/2055
|
6,028,343
|
5,753,055
|
|
Series 5578, Class ZC, 6.00%, 9/25/2055
|
2,458,201
|
2,422,302
|
|
Series 5601, Class S, IF, IO, 2.34%, 11/25/2055 (a)
|
96,651,994
|
6,183,804
|
|
Series 5613, Class S, IF, IO, 2.44%, 1/25/2056 (a)
|
28,332,005
|
2,108,646
|
|
Series 5613, Class ZG, 5.50%, 1/25/2056
|
5,779,179
|
5,654,599
|
|
Series 5623, Class ZA, 5.50%, 2/25/2056
|
4,653,892
|
4,646,796
|
|
Series 5632, Class UZ, 5.50%, 2/25/2056
|
15,255,578
|
14,761,325
|
|
Series 5633, Class ZC, 5.50%, 2/25/2056
|
4,182,720
|
4,127,976
|
|
Series 5633, Class ZG, 5.50%, 2/25/2056
|
10,759,406
|
10,179,494
|
|
Series 5650, Class UZ, 5.50%, 4/25/2056
|
3,827,937
|
3,757,069
|
|
FNMA, Connecticut Avenue Securities
|
|
|
|
Series 2016-C04, Class 1B, 13.98%, 1/25/2029 (a)
|
15,637,558
|
15,842,887
|
|
Series 2016-C06, Class 1B, 12.98%, 4/25/2029 (a)
|
7,616,774
|
7,825,775
|
|
Series 2017-C02, Class 2B1, 9.23%, 9/25/2029 (a)
|
2,120,000
|
2,203,342
|
|
Series 2017-C05, Class 1B1, 7.33%, 1/25/2030 (a)
|
1,090,558
|
1,126,443
|
|
Series 2017-C06, Class 1B1, 7.88%, 2/25/2030 (a)
|
450,000
|
469,028
|
|
Series 2018-C03, Class 1B1, 7.48%, 10/25/2030 (a)
|
3,647,000
|
3,851,917
|
|
FNMA, REMIC
|
|
|
|
Series 2025-78, Class BV, 5.50%, 8/25/2036
|
3,793,441
|
3,832,532
|
|
Series 2014-73, Class CZ, 3.00%, 11/25/2044
|
6,242,397
|
5,670,706
|
|
Series 2023-28, Class EZ, 6.00%, 7/25/2053
|
2,381,454
|
2,415,388
|
|
Series 2023-31, Class LZ, 6.00%, 7/25/2053
|
4,762,908
|
4,851,795
|
|
Series 2023-34, Class LZ, 6.00%, 8/25/2053
|
2,962,007
|
3,031,681
|
|
Series 2024-25, Class ZA, 6.00%, 9/25/2053
|
2,152,312
|
2,191,867
|
|
Series 2024-25, Class ZB, 5.50%, 3/25/2054
|
3,027,004
|
2,968,826
|
|
Series 2024-20, Class MS, IF, IO, 2.34%, 5/25/2054 (a)
|
5,515,083
|
369,893
|
|
Series 2024-43, Class MZ, 6.00%, 7/25/2054
|
1,637,466
|
1,668,578
|
|
Series 2024-58, Class BS, IF, IO, 2.24%, 8/25/2054 (a)
|
4,893,852
|
251,723
|
|
Series 2025-98, Class UZ, 6.00%, 8/25/2054
|
2,768,721
|
2,771,403
|
|
Series 2024-95, Class SE, IF, IO, 2.29%, 12/25/2054 (a)
|
6,683,126
|
398,701
|
|
Series 2024-92, Class SH, IF, IO, 2.34%, 12/25/2054 (a)
|
4,501,643
|
302,208
|
|
Series 2024-95, Class KL, 5.50%, 12/25/2054
|
5,463,569
|
5,397,760
|
|
Series 2024-105, Class SH, IF, IO, 2.24%, 1/25/2055 (a)
|
16,942,530
|
1,019,188
|
|
Series 2025-7, Class SE, IF, IO, 2.24%, 2/25/2055 (a)
|
5,119,095
|
309,055
|
|
Series 2025-11, Class SB, IF, IO, 2.29%, 3/25/2055 (a)
|
6,819,121
|
452,003
|
|
Series 2025-24, Class SC, IF, IO, 2.32%, 4/25/2055 (a)
|
10,017,123
|
610,563
|
|
Series 2025-47, Class SM, IF, IO, 2.19%, 6/25/2055 (a)
|
50,681,100
|
3,021,019
|
|
Series 2025-55, Class SG, IF, IO, 2.29%, 7/25/2055 (a)
|
24,045,829
|
1,464,259
|
|
Series 2025-55, Class SC, IF, IO, 2.81%, 7/25/2055 (a)
|
16,631,384
|
1,247,537
|
|
Series 2025-55, Class UN, 5.00%, 7/25/2055
|
3,213,660
|
3,194,090
|
|
Series 2025-57, Class Z, 6.00%, 7/25/2055
|
389,548
|
388,893
|
|
Series 2025-66, Class SL, IF, IO, 2.19%, 8/25/2055 (a)
|
20,336,782
|
1,368,779
|
|
Series 2025-69, Class Z, 6.00%, 8/25/2055
|
3,306,374
|
3,295,477
|
|
Series 2025-73, Class Z, 6.00%, 9/25/2055
|
2,493,511
|
2,498,815
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2025-74, Class ZA, 6.00%, 9/25/2055
|
2,280,524
|
2,250,504
|
|
Series 2025-89, Class ZB, 6.00%, 10/25/2055
|
2,095,030
|
2,097,851
|
|
Series 2025-106, Class KZ, 5.50%, 12/25/2055
|
1,917,607
|
1,907,993
|
|
Series 2025-106, Class UZ, 5.50%, 12/25/2055
|
1,626,519
|
1,603,735
|
|
Series 2026-5, Class ZY, 5.00%, 2/25/2056
|
1,029,361
|
1,002,706
|
|
Series 2026-11, Class SB, IF, 4.16%, 3/25/2056 (a)
|
2,145,024
|
1,927,090
|
|
GCAT Trust Series 2023-NQM3, Class A1, 6.89%, 8/25/2068 (c) (d)
|
2,705,540
|
2,715,738
|
|
GNMA
|
|
|
|
Series 2014-181, Class SL, IF, IO, 1.88%, 12/20/2044 (a)
|
370,162
|
30,961
|
|
Series 2021-78, Class IB, IO, 3.00%, 5/20/2051
|
750,515
|
129,499
|
|
Series 2021-107, Class XI, IO, 3.00%, 6/20/2051
|
1,101,843
|
179,238
|
|
Series 2023-55, Class IE, IO, 2.50%, 7/20/2051
|
7,295,684
|
1,024,153
|
|
Series 2021-142, Class XI, IO, 3.00%, 8/20/2051
|
118,001
|
20,644
|
|
Series 2021-160, Class IE, IO, 2.50%, 9/20/2051
|
21,521,237
|
3,094,976
|
|
Series 2021-188, Class IJ, IO, 3.00%, 10/20/2051
|
2,361,124
|
398,578
|
|
Series 2025-171, Class MT, 5.25%, 4/20/2052
|
4,000,000
|
3,968,707
|
|
Series 2023-67, Class DZ, 5.50%, 5/20/2053
|
4,597,900
|
4,511,267
|
|
Series 2023-102, Class BG, 5.50%, 7/20/2053
|
310,000
|
309,786
|
|
Series 2023-113, Class SJ, IF, IO, 2.07%, 8/20/2053 (a)
|
4,919,767
|
256,322
|
|
Series 2023-113, Class GZ, 5.50%, 8/20/2053
|
1,466,216
|
1,474,076
|
|
Series 2023-117, Class ZM, 5.50%, 8/20/2053
|
2,325,771
|
2,239,871
|
|
Series 2023-132, Class EL, 5.50%, 9/20/2053
|
8,000,000
|
8,101,098
|
|
Series 2024-1, Class MS, IF, IO, 2.22%, 1/20/2054 (a)
|
8,948,103
|
570,696
|
|
Series 2024-30, Class SC, IF, IO, 2.82%, 2/20/2054 (a)
|
3,587,881
|
298,558
|
|
Series 2024-27, Class GB, 5.00%, 2/20/2054
|
250,000
|
237,070
|
|
Series 2025-44, Class GZ, 6.00%, 2/20/2054
|
5,790,534
|
5,833,498
|
|
Series 2024-64, Class SV, IF, IO, 1.62%, 4/20/2054 (a)
|
6,162,227
|
284,982
|
|
Series 2024-79, Class CS, IF, IO, 1.62%, 5/20/2054 (a)
|
9,052,942
|
413,735
|
|
Series 2024-79, Class BS, IF, IO, 3.62%, 5/20/2054 (a)
|
4,496,166
|
499,602
|
|
Series 2024-110, Class SC, IF, IO, 2.37%, 7/20/2054 (a)
|
3,935,661
|
295,290
|
|
Series 2024-112, Class SA, IF, IO, 2.97%, 7/20/2054 (a)
|
3,091,985
|
239,395
|
|
Series 2024-110, Class AS, IF, IO, 3.02%, 7/20/2054 (a)
|
3,122,222
|
280,582
|
|
Series 2024-126, Class HS, IF, IO, 2.32%, 8/20/2054 (a)
|
3,663,387
|
238,810
|
|
Series 2024-126, Class JS, IF, IO, 2.32%, 8/20/2054 (a)
|
10,675,277
|
575,289
|
|
Series 2024-134, Class SE, IF, IO, 2.32%, 8/20/2054 (a)
|
8,450,140
|
536,869
|
|
Series 2024-127, Class SE, IF, IO, 2.37%, 8/20/2054 (a)
|
4,664,118
|
317,757
|
|
Series 2024-126, Class AS, IF, IO, 3.02%, 8/20/2054 (a)
|
3,754,207
|
315,911
|
|
Series 2024-128, Class SA, IF, IO, 3.02%, 8/20/2054 (a)
|
5,777,818
|
499,161
|
|
Series 2024-151, Class JS, IF, IO, 2.98%, 9/20/2054 (a)
|
3,714,424
|
328,810
|
|
Series 2024-159, Class AS, IF, IO, 2.47%, 10/20/2054 (a)
|
3,058,687
|
220,714
|
|
Series 2024-190, Class CS, IF, IO, 2.37%, 11/20/2054 (a)
|
3,931,312
|
234,003
|
|
Series 2025-156, Class BZ, 4.50%, 11/20/2054
|
824,317
|
745,545
|
|
Series 2024-204, Class SB, IF, IO, 2.38%, 12/20/2054 (a)
|
6,585,398
|
440,009
|
|
Series 2025-156, Class Z, 4.50%, 12/20/2054
|
7,212,777
|
6,535,765
|
|
Series 2025-89, Class JY, 5.00%, 12/20/2054
|
1,700,000
|
1,630,242
|
|
Series 2025-1, Class KS, IF, IO, 1.57%, 1/20/2055 (a)
|
8,187,668
|
378,328
|
|
Series 2025-1, Class SU, IF, IO, 1.57%, 1/20/2055 (a)
|
7,867,526
|
339,248
|
|
Series 2025-1, Class SV, IF, IO, 2.27%, 1/20/2055 (a)
|
8,095,088
|
495,388
|
|
Series 2025-7, Class SG, IF, IO, 2.32%, 1/20/2055 (a)
|
15,284,947
|
906,345
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2025-7, Class QS, IF, IO, 2.82%, 1/20/2055 (a)
|
3,119,889
|
229,268
|
|
Series 2025-1, Class SL, IF, IO, 2.97%, 1/20/2055 (a)
|
3,638,389
|
282,685
|
|
Series 2025-7, Class SL, IF, IO, 2.97%, 1/20/2055 (a)
|
3,577,325
|
251,518
|
|
Series 2025-89, Class DY, 5.25%, 1/20/2055
|
2,408,529
|
2,342,154
|
|
Series 2025-1, Class BL, 6.00%, 1/20/2055
|
1,400,000
|
1,414,511
|
|
Series 2025-22, Class AS, IF, IO, 2.32%, 2/20/2055 (a)
|
12,629,748
|
748,937
|
|
Series 2025-23, Class SE, IF, IO, 2.32%, 2/20/2055 (a)
|
5,717,740
|
369,836
|
|
Series 2025-23, Class SL, IF, IO, 2.32%, 2/20/2055 (a)
|
8,822,660
|
577,206
|
|
Series 2025-25, Class HS, IF, IO, 2.32%, 2/20/2055 (a)
|
12,454,704
|
738,980
|
|
Series 2025-22, Class GS, IF, IO, 2.92%, 2/20/2055 (a)
|
8,973,501
|
682,610
|
|
Series 2025-25, Class BS, IF, IO, 2.92%, 2/20/2055 (a)
|
16,673,729
|
1,446,826
|
|
Series 2025-25, Class SB, IF, IO, 2.92%, 2/20/2055 (a)
|
15,807,322
|
1,203,682
|
|
Series 2025-30, Class SC, IF, IO, 2.92%, 2/20/2055 (a)
|
9,277,794
|
706,446
|
|
Series 2025-25, Class ZN, 7.00%, 2/20/2055
|
1,186,432
|
1,254,812
|
|
Series 2025-41, Class AS, IF, IO, 1.67%, 3/20/2055 (a)
|
14,978,372
|
755,923
|
|
Series 2025-41, Class BS, IF, IO, 1.67%, 3/20/2055 (a)
|
39,311,734
|
1,763,847
|
|
Series 2025-51, Class SH, IF, IO, 2.32%, 3/20/2055 (a)
|
11,628,613
|
716,981
|
|
Series 2025-51, Class SA, IF, IO, 2.37%, 3/20/2055 (a)
|
40,081,815
|
2,712,477
|
|
Series 2025-41, Class ES, IF, IO, 3.57%, 3/20/2055 (a)
|
4,108,716
|
392,194
|
|
Series 2025-41, Class SE, IF, IO, 3.57%, 3/20/2055 (a)
|
6,128,016
|
658,541
|
|
Series 2025-60, Class ZC, 5.00%, 3/20/2055
|
12,959,955
|
12,268,592
|
|
Series 2025-139, Class B, 5.50%, 3/20/2055
|
5,500,000
|
5,360,297
|
|
Series 2025-69, Class SW, IF, IO, 1.50%, 4/20/2055 (a)
|
10,703,094
|
430,406
|
|
Series 2025-69, Class SX, IF, IO, 1.50%, 4/20/2055 (a)
|
26,386,170
|
1,094,229
|
|
Series 2025-70, Class SD, IF, IO, 1.52%, 4/20/2055 (a)
|
55,484,855
|
2,521,110
|
|
Series 2025-65, Class SL, IF, IO, 2.22%, 4/20/2055 (a)
|
60,603,013
|
3,964,964
|
|
Series 2025-69, Class SK, IF, IO, 2.82%, 4/20/2055 (a)
|
24,007,380
|
1,762,655
|
|
Series 2025-156, Class CZ, 5.00%, 4/20/2055
|
1,426,676
|
1,345,307
|
|
Series 2025-69, Class AZ, 5.00%, 4/20/2055
|
2,663,132
|
2,515,273
|
|
Series 2025-70, Class EZ, 5.00%, 4/20/2055
|
4,517,280
|
4,195,599
|
|
Series 2025-105, Class PA, 7.00%, 4/20/2055
|
993,696
|
1,016,413
|
|
Series 2025-89, Class SP, IF, IO, 1.47%, 5/20/2055 (a)
|
20,822,730
|
854,419
|
|
Series 2025-84, Class SQ, IF, IO, 1.52%, 5/20/2055 (a)
|
26,951,760
|
1,133,661
|
|
Series 2025-89, Class SC, IF, IO, 2.82%, 5/20/2055 (a)
|
8,674,283
|
693,381
|
|
Series 2025-89, Class SE, IF, IO, 2.82%, 5/20/2055 (a)
|
17,097,996
|
1,255,355
|
|
Series 2025-79, Class HS, IF, IO, 2.92%, 5/20/2055 (a)
|
4,851,437
|
369,450
|
|
Series 2025-139, Class ZB, 5.25%, 5/20/2055
|
1,561,080
|
1,415,670
|
|
Series 2025-100, Class SA, IF, IO, 2.22%, 6/20/2055 (a)
|
30,417,153
|
1,989,051
|
|
Series 2025-105, Class SD, IF, IO, 2.22%, 6/20/2055 (a)
|
52,268,679
|
3,369,276
|
|
Series 2025-97, Class SE, IF, IO, 2.27%, 6/20/2055 (a)
|
25,008,475
|
1,651,467
|
|
Series 2025-105, Class PZ, 5.00%, 6/20/2055
|
2,398,219
|
2,201,448
|
|
Series 2025-124, Class CS, IF, IO, 1.57%, 7/20/2055 (a)
|
7,202,741
|
320,137
|
|
Series 2025-124, Class SE, IF, IO, 2.22%, 7/20/2055 (a)
|
57,483,801
|
3,644,082
|
|
Series 2025-127, Class SH, IF, IO, 2.91%, 7/20/2055 (a)
|
8,031,947
|
631,570
|
|
Series 2025-127, Class PZ, 6.00%, 7/20/2055
|
2,652,419
|
2,643,624
|
|
Series 2025-120, Class SH, IF, 8.08%, 7/20/2055 (a)
|
3,904,016
|
3,981,512
|
|
Series 2025-120, Class SJ, IF, 8.16%, 7/20/2055 (a)
|
3,876,130
|
3,963,094
|
|
Series 2025-139, Class SU, IF, IO, 1.67%, 8/20/2055 (a)
|
45,974,110
|
2,343,162
|
|
Series 2025-139, Class JS, IF, IO, 2.92%, 8/20/2055 (a)
|
20,373,289
|
1,706,328
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2025-132, Class MZ, 5.00%, 8/20/2055
|
1,349,570
|
1,223,194
|
|
Series 2025-139, Class UC, 6.00%, 8/20/2055
|
1,757,562
|
1,754,589
|
|
Series 2025-141, Class ZJ, 6.00%, 8/20/2055
|
1,182,983
|
1,180,780
|
|
Series 2025-135, Class SE, IF, 8.16%, 8/20/2055 (a)
|
7,217,781
|
7,380,343
|
|
Series 2025-152, Class SA, IF, IO, 2.27%, 9/20/2055 (a)
|
16,878,645
|
876,083
|
|
Series 2025-152, Class SH, IF, IO, 2.27%, 9/20/2055 (a)
|
23,404,798
|
1,357,546
|
|
Series 2025-156, Class JL, 5.00%, 9/20/2055
|
10,500,000
|
10,157,371
|
|
Series 2025-156, Class PA, 6.50%, 9/20/2055
|
8,700,938
|
8,748,445
|
|
Series 2025-171, Class SB, IF, IO, 1.77%, 10/20/2055 (a)
|
11,531,108
|
632,098
|
|
Series 2025-172, Class PZ, 6.00%, 10/20/2055
|
9,395,744
|
9,345,998
|
|
Series 2025-175, Class AZ, 6.00%, 10/20/2055
|
3,066,891
|
3,052,129
|
|
Series 2025-175, Class BZ, 6.00%, 10/20/2055
|
791,122
|
788,881
|
|
Series 2025-192, Class ZU, 4.50%, 11/20/2055
|
6,462,143
|
6,363,022
|
|
Series 2025-196, Class LZ, 5.50%, 11/20/2055
|
9,048,044
|
8,910,819
|
|
Series 2025-208, Class ZG, 4.50%, 12/20/2055
|
13,860,179
|
13,323,070
|
|
Series 2025-204, Class PZ, 5.50%, 12/20/2055
|
4,351,901
|
4,324,830
|
|
Series 2025-211, Class UZ, 5.50%, 12/20/2055
|
9,978,681
|
9,941,541
|
|
Series 2025-211, Class CP, 6.50%, 12/20/2055
|
21,454,545
|
21,463,446
|
|
Series 2026-2, Class KS, IF, IO, 1.92%, 1/20/2056 (a)
|
57,175,029
|
3,707,257
|
|
Series 2026-2, Class AZ, 4.50%, 1/20/2056
|
8,212,034
|
7,624,209
|
|
Series 2026-2, Class GZ, 4.50%, 1/20/2056
|
13,656,150
|
12,687,859
|
|
Series 2026-2, Class UZ, 4.50%, 1/20/2056
|
2,026,360
|
1,996,615
|
|
Series 2026-25, Class ZB, 4.50%, 1/20/2056
|
4,199,364
|
4,058,963
|
|
Series 2026-4, Class JZ, 4.50%, 1/20/2056
|
8,052,614
|
7,605,770
|
|
Series 2026-3, Class ZH, 5.50%, 1/20/2056
|
11,751,248
|
11,663,128
|
|
Series 2026-25, Class SD, IF, IO, 2.02%, 2/20/2056 (a)
|
32,821,549
|
2,219,170
|
|
Series 2026-24, Class DS, IF, IO, 2.07%, 2/20/2056 (a)
|
72,118,260
|
5,224,845
|
|
Series 2026-24, Class SB, IF, IO, 2.07%, 2/20/2056 (a)
|
133,121,277
|
8,597,811
|
|
Series 2026-24, Class BZ, 4.50%, 2/20/2056
|
1,601,317
|
1,509,041
|
|
Series 2026-24, Class DZ, 4.50%, 2/20/2056
|
2,548,456
|
2,311,960
|
|
Series 2026-25, Class ZH, 5.50%, 2/20/2056
|
11,342,007
|
11,321,148
|
|
Series 2026-30, Class DZ, 5.50%, 2/20/2056
|
1,130,214
|
1,120,778
|
|
Series 2026-48, Class HS, IF, IO, 2.04%, 3/20/2056 (a)
|
60,867,782
|
3,746,455
|
|
Series 2026-48, Class S, IF, IO, 2.06%, 3/20/2056 (a)
|
67,656,730
|
4,750,267
|
|
Series 2026-62, Class MS, IF, IO, 2.07%, 4/20/2056 (a)
|
30,644,204
|
2,565,980
|
|
Series SC, Class 2026-100, IF, IO, 2.01%, 6/20/2056 (a)
|
15,779,000
|
828,398
|
|
Series SD, Class 2026-100, IF, IO, 2.01%, 6/20/2056 (a)
|
25,994,000
|
1,287,515
|
|
Series SG, Class 2026-100, IF, IO, 2.06%, 6/20/2056 (a)
|
26,180,000
|
1,190,372
|
|
Series FG, Class 2026-100, IF, IO, 4.44%, 6/20/2056 (a)
|
26,180,000
|
26,180,000
|
|
Series 2025-H19, IO, 0.85%, 9/20/2075 (a)
|
25,967,004
|
2,296,361
|
|
Series 2025-H20, Class AI, IO, 0.86%, 9/20/2075 (a)
|
39,137,718
|
3,657,921
|
|
Series 2026-H11, IO, 0.73%, 4/20/2076 (a)
|
24,964,230
|
2,299,400
|
|
GS Mortgage-Backed Securities Corp. Trust Series 2025-NQM6, Class A1, 5.02%, 2/25/2066 (c) (d)
|
4,484,671
|
4,463,254
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2025-PJ6, Class A1, 6.00%, 11/25/2055 (a) (c)
|
1,690,862
|
1,708,563
|
|
Series 2025-PJ7, Class A1, 6.00%, 12/25/2055 (a) (c)
|
9,341,551
|
9,439,348
|
|
Series 2025-PJ9, Class A1, 6.00%, 3/25/2056 (a) (c)
|
19,069,206
|
19,268,842
|
|
LHOME Mortgage Trust
|
|
|
|
Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (c) (d)
|
1,164,853
|
1,165,419
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Series 2024-RTL3, Class A1, 6.90%, 5/25/2029 (c) (d)
|
2,360,000
|
2,368,337
|
|
Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (c) (d)
|
2,516,000
|
2,522,273
|
|
Series 2024-RTL4, Class A2, 6.09%, 7/25/2039 (c) (d)
|
1,017,294
|
1,020,083
|
|
Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (c) (d)
|
1,263,000
|
1,264,373
|
|
Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (c) (d)
|
2,221,000
|
2,230,696
|
|
Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (c)
|
1,000,000
|
1,005,040
|
|
LOANDEPOT GMSR Master Trust Series 2025-GT2, Class A, 6.78%, 7/16/2030 (a) (c)
|
4,000,000
|
4,007,261
|
|
MFA Trust
|
|
|
|
Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (c) (d)
|
6,845,000
|
6,864,955
|
|
Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (c) (d)
|
5,669,701
|
5,678,467
|
|
Series 2021-NQM1, Class A1, 1.15%, 4/25/2065 (a) (c)
|
67,366
|
63,483
|
|
Series 2025-NQM5, Class A1A, 5.19%, 11/25/2070 (c) (d)
|
7,245,925
|
7,233,277
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2018-3A, Class A1C, 3.00%, 5/25/2058 (a) (c)
|
180,442
|
166,661
|
|
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (a) (c)
|
118,893
|
113,091
|
|
Series 2025-NQM4, Class A1, 5.35%, 7/25/2065 (a) (c)
|
4,870,120
|
4,872,002
|
|
Series 2025-NQM5, Class A1, 5.11%, 8/25/2065 (a) (c)
|
5,253,065
|
5,229,695
|
|
Series 2025-NQM7, Class A1A, 5.01%, 10/26/2065 (c) (d)
|
13,696,942
|
13,618,590
|
|
Series 2026-NQM1, Class A1A, 4.82%, 11/25/2065 (c) (d)
|
18,043,637
|
17,880,672
|
|
Series 2026-NQM2, Class M1, 5.48%, 12/25/2065 (a) (c)
|
1,850,000
|
1,808,315
|
|
Series 2026-NQM4, Class A1A, 5.00%, 2/25/2066 (c) (d)
|
13,654,049
|
13,565,775
|
|
Series 2026-NQM5, Class A1, 5.18%, 4/25/2066 (a) (c)
|
21,336,876
|
21,270,149
|
|
Series 2026-NQM6, Class A1, 5.29%, 5/25/2066 (a) (c)
|
22,010,000
|
21,986,458
|
|
NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (c) (d)
|
6,066,896
|
6,070,586
|
|
NRZT Series 2025-NQM6, Class A1, 5.09%, 10/25/2065 (a) (c)
|
4,703,873
|
4,682,770
|
|
NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (c) (d)
|
389,405
|
389,383
|
|
OBX Trust
|
|
|
|
Series 2026-INV3, Class A1, 6.00%, 4/25/2056 (a) (c)
|
12,662,201
|
12,870,735
|
|
Series 2026-INV4, Class A1, 6.00%, 5/25/2056 (a) (c)
|
24,024,000
|
24,468,819
|
|
Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (c) (d)
|
355,782
|
354,707
|
|
Series 2023-NQM7, Class A1, 6.84%, 4/25/2063 (c) (d)
|
349,598
|
350,539
|
|
Series 2023-NQM6, Class A1, 6.52%, 7/25/2063 (c) (d)
|
173,157
|
173,446
|
|
Series 2025-NQM2, Class A1, 5.60%, 11/25/2064 (c) (d)
|
5,115,708
|
5,140,118
|
|
Series 2025-NQM10, Class A1, 5.45%, 5/25/2065 (c) (d)
|
2,615,760
|
2,625,175
|
|
Series 2026-NQM2, Class A1A, 4.82%, 12/1/2065 (c) (d)
|
14,956,568
|
14,855,165
|
|
Series 2026-NQM2, Class A1B, 4.82%, 12/1/2065 (c) (d)
|
4,393,553
|
4,355,098
|
|
Series 2026-NQM7, Class A1, 5.22%, 4/25/2066 (a) (c)
|
20,000,000
|
19,961,700
|
|
Series 2026-NQM6, Class A1A, 5.06%, 4/26/2066 (c) (d)
|
22,085,203
|
21,994,004
|
|
PMT Loan Trust
|
|
|
|
Series 2025-J1, Class A1, 6.00%, 4/25/2055 (a) (c)
|
11,308,220
|
11,412,470
|
|
Series 2025-INV5, Class A2, 6.00%, 5/25/2056 (a) (c)
|
3,570,448
|
3,621,216
|
|
Series 2025-INV6, Class A2, 6.00%, 6/25/2056 (a) (c)
|
6,109,816
|
6,185,083
|
|
Series 2025-INV10, Class A2, 5.50%, 10/1/2056 (a) (c)
|
8,814,254
|
8,825,272
|
|
Series 2026-INV2, Class A2, 5.50%, 1/25/2057 (a) (c)
|
24,854,626
|
24,823,558
|
|
Series 2026-INV3, Class A1, 6.00%, 2/25/2057 (a) (c)
|
23,943,063
|
24,433,154
|
|
Series 2026-CNF3, Class A1, 5.50%, 4/25/2057 (a) (c)
|
25,455,889
|
25,359,157
|
|
Series 2026-CNF4, Class A1, 5.50%, 5/25/2057 (a) (c)
|
23,215,206
|
23,157,168
|
|
Series 2026-INV5, Class A1, 6.00%, 5/25/2057 (a) (c)
|
17,000,000
|
17,325,390
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Collateralized Mortgage Obligations — continued
|
||
|
Provident Funding Mortgage Trust
|
|
|
|
Series 2025-2, Class A1, 6.00%, 6/25/2055 (a) (c)
|
2,533,851
|
2,557,211
|
|
Series 2025-3, Class A1, 6.00%, 8/25/2055 (a) (c)
|
18,294,499
|
18,451,722
|
|
PRPM Series 2025-3, Class A1, 6.26%, 5/25/2030 (c) (d)
|
1,445,054
|
1,440,494
|
|
PRPM LLC
|
|
|
|
Series 2024-7, Class A1, 5.87%, 11/25/2029 (c) (d)
|
1,123,527
|
1,124,232
|
|
Series 2024-8, Class A2, 8.84%, 12/25/2029 (c) (d)
|
2,000,000
|
2,005,406
|
|
Series 2025-4, Class A1, 6.18%, 6/25/2030 (c) (d)
|
1,711,009
|
1,706,474
|
|
Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 (c) (d)
|
1,620,413
|
1,578,455
|
|
Santander Mortgage Asset Receivable Trust
|
|
|
|
Series 2026-NQM3, Class A1A, 5.18%, 3/25/2066 (c) (d)
|
4,173,324
|
4,160,949
|
|
Series 2026-NQM4, Class A1A, 5.49%, 5/25/2066 (c) (d)
|
13,100,000
|
13,101,002
|
|
Sequoia Mortgage Trust Series 2025-7, Class A1, 6.00%, 8/25/2055 (a) (c)
|
5,774,743
|
5,824,515
|
|
STACR Trust
|
|
|
|
Series 2018-HRP2, Class B1, 7.93%, 2/25/2047 (a) (c)
|
600,000
|
639,030
|
|
Series 2018-HRP2, Class B2, 14.23%, 2/25/2047 (a) (c)
|
2,290,000
|
2,734,331
|
|
Starwood Mortgage Residential Trust Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (c)
|
250,000
|
214,691
|
|
Toorak Mortgage Trust
|
|
|
|
Series 2024-2, Class A1, 6.33%, 10/25/2031 (c) (d)
|
2,800,000
|
2,810,644
|
|
Series 2024-RRTL1, Class A1, 6.60%, 2/25/2039 (c) (d)
|
1,174,066
|
1,175,162
|
|
Towd Point Mortgage Trust Series 2019-HY1, Class M2, 5.70%, 10/25/2048 (a) (c)
|
4,020,000
|
4,199,751
|
|
Total Collateralized Mortgage Obligations
(Cost $1,769,160,977)
|
|
1,746,400,967
|
|
Commercial Mortgage-Backed Securities — 18.5%
|
||
|
1211 Avenue of the Americas Trust Series 2015-1211, Class C, 4.14%, 8/10/2035 (a) (c)
|
935,000
|
890,587
|
|
Aventura Mall Trust Series 2018-AVM, Class A, 4.11%, 7/5/2040 (a) (c)
|
2,220,000
|
2,191,443
|
|
BAML RCAP Frn 8.00%, 10/25/2027 ‡
|
3,338,332
|
3,338,332
|
|
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class C, 4.29%, 9/15/2048 (a)
|
2,925,000
|
2,801,126
|
|
Banc of America Re-REMIC Trust Series 2024-FRR1, Class C, 0.00%, 4/27/2049 ‡ (c)
|
3,000,000
|
2,035,093
|
|
BANK
|
|
|
|
Series 2017-BNK4, Class C, 4.37%, 5/15/2050 (a)
|
8,448,000
|
7,489,474
|
|
Series 2022-BNK39, Class XA, IO, 0.41%, 2/15/2055 (a)
|
7,982,549
|
161,015
|
|
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 (a) (c)
|
60,000
|
54,287
|
|
Series 2017-BNK6, Class D, 3.10%, 7/15/2060 (c)
|
8,995,000
|
7,398,193
|
|
Series 2019-BN19, Class C, 4.03%, 8/15/2061 (a)
|
1,500,000
|
1,113,252
|
|
Series 2019-BN20, Class D, 2.50%, 9/15/2062 (c)
|
700,000
|
414,934
|
|
Series 2020-BN28, Class XA, IO, 1.76%, 3/15/2063 (a)
|
4,049,897
|
245,490
|
|
Series 2020-BN26, Class E, 2.50%, 3/15/2063 (c)
|
320,000
|
217,640
|
|
Series 2020-BN26, Class AS, 2.69%, 3/15/2063
|
4,500,000
|
4,059,179
|
|
BANK5
|
|
|
|
Series 2023-5YR1, Class A3, 6.26%, 4/15/2056 (a)
|
5,800,000
|
5,925,747
|
|
Series 2023-5YR3, Class A2, 6.26%, 9/15/2056
|
5,792,435
|
5,939,381
|
|
Series 2023-5YR4, Class A3, 6.50%, 12/15/2056
|
822,333
|
849,787
|
|
BBCMS Mortgage Trust
|
|
|
|
Series 2017-C1, Class D, 3.54%, 2/15/2050 (a) (c)
|
2,400,000
|
1,781,173
|
|
Series 2021-C11, Class XB, IO, 0.95%, 9/15/2054 (a)
|
4,500,000
|
204,722
|
|
Series 2022-C17, Class XA, IO, 1.15%, 9/15/2055 (a)
|
46,914,494
|
2,717,921
|
|
Series 2023-C20, Class XA, IO, 0.86%, 7/15/2056 (a)
|
13,110,569
|
567,971
|
|
Series 2023-C21, Class A5, 6.00%, 9/15/2056 (a)
|
1,350,000
|
1,425,994
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2023-C22, Class A5, 6.80%, 11/15/2056 (a)
|
2,900,000
|
3,154,058
|
|
Series 2023-5C23, Class A3, 6.68%, 12/15/2056 (a)
|
4,350,000
|
4,528,661
|
|
Series 2026-5C41, Class XA, IO, 1.38%, 5/15/2069 (a)
|
43,750,000
|
2,211,151
|
|
Benchmark Mortgage Trust
|
|
|
|
Series 2018-B1, Class C, 4.20%, 1/15/2051 (a)
|
5,200,000
|
4,278,167
|
|
Series 2018-B2, Class AS, 4.08%, 2/15/2051 (a)
|
2,300,000
|
2,190,883
|
|
Series 2018-B3, Class C, 4.54%, 4/10/2051 (a)
|
7,956,000
|
6,805,009
|
|
Series 2018-B4, Class A5, 4.12%, 7/15/2051 (a)
|
1,000,000
|
987,893
|
|
Series 2019-B9, Class D, 3.00%, 3/15/2052 (c)
|
1,240,000
|
839,666
|
|
Series 2019-B9, Class C, 4.97%, 3/15/2052 (a)
|
10,561,000
|
9,190,750
|
|
Series 2021-B26, Class ASB, 2.26%, 6/15/2054
|
799,911
|
770,167
|
|
Series 2022-B33, Class A5, 3.46%, 3/15/2055 (a)
|
800,000
|
739,397
|
|
Series 2022-B36, Class A5, 4.47%, 7/15/2055 (a)
|
800,000
|
771,474
|
|
Series 2022-B37, Class A5, 5.75%, 11/15/2055 (a)
|
604,000
|
630,619
|
|
Series 2024-V7, Class A3, 6.23%, 5/15/2056 (a)
|
4,000,000
|
4,150,286
|
|
Series 2023-B39, Class XA, IO, 0.57%, 7/15/2056 (a)
|
117,955,843
|
3,868,220
|
|
Series 2023-V3, Class A3, 6.36%, 7/15/2056 (a)
|
200,000
|
205,755
|
|
Series 2024-V5, Class A3, 5.81%, 1/10/2057
|
440,549
|
451,651
|
|
Series 2024-V5, Class C, 6.97%, 1/10/2057 (a)
|
300,000
|
308,972
|
|
Series 2024-V9, Class A3, 5.60%, 8/15/2057
|
4,300,000
|
4,396,761
|
|
Series 2026-V20, Class XA, IO, 1.22%, 2/15/2059 (a)
|
27,380,320
|
1,388,798
|
|
Series 2026-V21, Class XA, IO, 1.43%, 3/15/2059 (a)
|
48,695,923
|
2,931,558
|
|
Series 2019-B10, Class B, 4.18%, 3/15/2062 (a)
|
1,418,000
|
1,307,726
|
|
Series 2026-B43, Class XB, IO, 0.69%, 4/15/2063 (a)
|
61,158,000
|
2,532,443
|
|
Series 2026-B43, Class XA, IO, 1.24%, 4/15/2063 (a)
|
42,380,000
|
2,994,295
|
|
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A, 5.48%, 8/15/2042 (a) (c)
|
6,483,000
|
6,491,131
|
|
BMARK Series 2023-V4, Class A3, 6.84%, 11/15/2056 (a)
|
3,600,000
|
3,742,337
|
|
BMD2 Re-REMIC Trust Series 2019-FRR1, Class 4D1, PO, 5/25/2052 ‡ (c)
|
5,000,000
|
3,794,690
|
|
BMO Mortgage Trust
|
|
|
|
Series 2022-C1, Class XA, IO, 0.46%, 2/17/2055 (a)
|
49,041,139
|
965,983
|
|
Series 2023-C5, Class A5, 5.77%, 6/15/2056
|
1,640,000
|
1,693,761
|
|
Series 2023-5C1, Class A3, 6.53%, 8/15/2056 (a)
|
6,280,000
|
6,466,892
|
|
Series 2023-5C2, Class A3, 7.05%, 11/15/2056 (a)
|
3,310,000
|
3,469,180
|
|
Series 2023-C7, Class A5, 6.16%, 12/15/2056
|
1,500,000
|
1,585,064
|
|
Series 2024-5C3, Class A3, 5.74%, 2/15/2057
|
2,420,000
|
2,470,726
|
|
Series 2024-5C3, Class C, 6.86%, 2/15/2057 (a)
|
700,000
|
704,856
|
|
Series 2024-5C4, Class A3, 6.53%, 5/15/2057 (a)
|
8,300,000
|
8,665,800
|
|
Series 2024-C9, Class XA, IO, 0.86%, 7/15/2057 (a)
|
26,934,234
|
1,589,195
|
|
Series 2024-C9, Class A5, 5.76%, 7/15/2057
|
1,710,000
|
1,785,663
|
|
Series 2024-5C6, Class A3, 5.32%, 9/15/2057
|
3,900,000
|
3,955,193
|
|
Series 2024-C10, Class XA, IO, 0.62%, 11/15/2057 (a)
|
78,485,778
|
3,701,546
|
|
Series 2024-5C7, Class XA, IO, 0.93%, 11/15/2057 (a) (c)
|
19,935,816
|
560,346
|
|
Series 2024-5C7, Class A3, 5.57%, 11/15/2057 (a)
|
1,400,000
|
1,430,925
|
|
Series 2024-5C7, Class AS, 5.89%, 11/15/2057 (a)
|
300,000
|
302,924
|
|
Series 2025-5C11, Class XA, IO, 1.11%, 7/15/2058 (a)
|
75,675,305
|
3,101,000
|
|
Series 2026-C14, Class XA, IO, 1.13%, 2/15/2059 (a)
|
23,446,686
|
1,856,607
|
|
BX Commercial Mortgage Trust
|
|
|
|
Series 2021-21M, Class A, 4.47%, 10/15/2036 (a) (c)
|
148,759
|
148,759
|
|
Series 2021-ACNT, Class A, 4.59%, 11/15/2038 (a) (c)
|
624,963
|
625,323
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2024-MF, Class A, 5.07%, 2/15/2039 (a) (c)
|
1,744,345
|
1,746,526
|
|
Series 2024-MF, Class B, 5.32%, 2/15/2039 (a) (c)
|
708,364
|
709,913
|
|
BX Mortgage Trust
|
|
|
|
Series 2025-BIO3, Class B, 6.56%, 2/10/2042 (c)
|
3,587,000
|
3,578,423
|
|
Series 2025-BIO3, Class C, 6.96%, 2/10/2042 (a) (c)
|
3,400,000
|
3,396,046
|
|
Series 2025-BIO3, Class D, 6.96%, 2/10/2042 (a) (c)
|
12,290,000
|
12,204,255
|
|
BX Trust Series 2022-LBA6, Class A, 4.63%, 1/15/2039 (a) (c)
|
155,000
|
154,952
|
|
Cantor Commercial Real Estate Lending
|
|
|
|
Series 2019-CF2, Class E, 2.50%, 11/15/2052 (c)
|
674,000
|
485,476
|
|
Series 2019-CF3, Class C, 3.58%, 1/15/2053 (a)
|
8,446,000
|
6,285,832
|
|
CD Mortgage Trust
|
|
|
|
Series 2016-CD2, Class C, 3.98%, 11/10/2049 (a)
|
290,000
|
171,054
|
|
Series 2017-CD3, Class A4, 3.63%, 2/10/2050
|
16,076,138
|
15,806,374
|
|
Series 2017-CD3, Class AS, 3.83%, 2/10/2050
|
1,000,000
|
888,220
|
|
Series 2017-CD4, Class D, 3.30%, 5/10/2050 (c)
|
6,900,000
|
5,273,990
|
|
Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (a)
|
1,362,417
|
1,335,858
|
|
Series 2017-CD6, Class B, 3.91%, 11/13/2050 (a)
|
1,750,000
|
1,663,532
|
|
Series 2018-CD7, Class C, 4.84%, 8/15/2051 (a)
|
2,080,000
|
1,938,471
|
|
Series 2019-CD8, Class E, 3.00%, 8/15/2057 (c)
|
3,800,000
|
2,260,352
|
|
CFCRE Commercial Mortgage Trust Series 2016-C6, Class C, 4.28%, 11/10/2049 (a)
|
1,000,000
|
853,431
|
|
CGMS Commercial Mortgage Trust Series 2017-B1, Class D, 3.00%, 8/15/2050 (c)
|
6,500,000
|
5,834,130
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
Series 2014-GC25, Class B, 4.34%, 10/10/2047 (a)
|
918,122
|
892,855
|
|
Series 2015-GC29, Class D, 3.11%, 4/10/2048 (c)
|
4,000,000
|
2,639,880
|
|
Series 2015-P1, Class D, 3.23%, 9/15/2048 (c)
|
10,712
|
10,470
|
|
Series 2016-GC36, Class B, 4.65%, 2/10/2049 (a)
|
4,674,000
|
4,449,601
|
|
Series 2016-GC36, Class C, 4.65%, 2/10/2049 (a)
|
1,500,000
|
1,317,270
|
|
Series 2016-P3, Class B, 4.27%, 4/15/2049 (a)
|
1,630,000
|
1,591,271
|
|
Series 2016-C3, Class D, 3.00%, 11/15/2049 (c)
|
1,500,000
|
1,179,023
|
|
Series 2016-P6, Class D, 3.25%, 12/10/2049 (c)
|
3,000,000
|
2,211,675
|
|
Series 2017-P7, Class C, 4.40%, 4/14/2050 (a)
|
169,000
|
146,691
|
|
Series 2017-P8, Class C, 4.25%, 9/15/2050 (a)
|
1,254,000
|
1,030,546
|
|
Series 2018-B2, Class AS, 4.18%, 3/10/2051 (a)
|
1,000,000
|
981,501
|
|
Series 2018-C5, Class XA, IO, 0.66%, 6/10/2051 (a)
|
1,429,046
|
16,037
|
|
Series 2018-C6, Class XA, IO, 0.72%, 11/10/2051 (a)
|
1,868,860
|
28,299
|
|
Series 2015-GC33, Class D, 3.17%, 9/10/2058
|
3,500,000
|
2,099,930
|
|
Series 2019-C7, Class XA, IO, 0.81%, 12/15/2072 (a)
|
19,425,313
|
494,298
|
|
COMM Mortgage Trust
|
|
|
|
Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (a) (c)
|
390,340
|
388,258
|
|
Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (a) (c)
|
1,123,214
|
1,123,751
|
|
Series 2024-CBM, Class B, 6.51%, 12/10/2041 (a) (c)
|
1,224,000
|
1,238,384
|
|
Series 2015-DC1, Class B, 4.03%, 2/10/2048 (a)
|
8,160,000
|
7,797,451
|
|
Series 2016-COR1, Class AM, 3.49%, 10/10/2049
|
2,449,000
|
2,425,449
|
|
Series 2015-PC1, Class D, 4.39%, 7/10/2050 (a)
|
4,725,000
|
3,921,844
|
|
Series 2018-COR3, Class B, 4.52%, 5/10/2051 (a)
|
800,000
|
691,489
|
|
Commercial Mortgage Trust
|
|
|
|
Series 2014-CR14, Class C, 3.19%, 2/10/2047 (a)
|
2,967,820
|
2,901,074
|
|
Series 2014-CR15, Class C, 3.86%, 2/10/2047 (a)
|
1,000,000
|
946,595
|
|
Series 2014-CR19, Class E, 3.95%, 8/10/2047 (a) (c)
|
1,352,399
|
1,324,500
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2014-UBS5, Class C, 4.72%, 9/10/2047 (a)
|
2,300,000
|
2,134,532
|
|
Series 2014-CR20, Class D, 3.22%, 11/10/2047 (c)
|
3,322,616
|
2,109,828
|
|
Series 2015-LC19, Class D, 2.87%, 2/10/2048 (c)
|
7,817,000
|
7,328,281
|
|
Series 2015-CR22, Class D, 3.69%, 3/10/2048 (a) (c)
|
8,729,000
|
6,446,366
|
|
Series 2015-LC23, Class E, 3.68%, 10/10/2048 (a) (c)
|
3,000,000
|
2,430,210
|
|
Series 2016-COR1, Class C, 4.26%, 10/10/2049 (a)
|
7,875,000
|
6,821,587
|
|
CSAIL Commercial Mortgage Trust
|
|
|
|
Series 2015-C3, Class D, 3.20%, 8/15/2048 (a)
|
2,071,000
|
1,607,572
|
|
Series 2015-C3, Class C, 4.20%, 8/15/2048 (a)
|
986,716
|
953,394
|
|
Series 2016-C6, Class D, 4.75%, 1/15/2049 (a) (c)
|
4,140,000
|
3,518,446
|
|
Series 2015-C1, Class D, 3.27%, 4/15/2050 (a) (c)
|
5,655,000
|
4,594,631
|
|
Series 2017-CX9, Class D, 4.03%, 9/15/2050 (a) (c)
|
1,125,000
|
846,034
|
|
Series 2018-C14, Class C, 4.88%, 11/15/2051 (a)
|
11,742,000
|
10,641,081
|
|
Series 2018-C14, Class D, 4.88%, 11/15/2051 (a) (c)
|
4,005,000
|
2,854,725
|
|
Series 2019-C16, Class XA, IO, 1.53%, 6/15/2052 (a)
|
57,151,631
|
2,067,175
|
|
Series 2020-C19, Class D, 2.50%, 3/15/2053 (c)
|
5,200,000
|
1,953,239
|
|
Series 2020-C19, Class E, 2.50%, 3/15/2053 (c)
|
2,000,000
|
628,064
|
|
Series 2020-C19, Class C, 3.61%, 3/15/2053 (a)
|
2,750,000
|
1,727,076
|
|
Series 2015-C2, Class C, 4.18%, 6/15/2057 (a)
|
1,581,648
|
1,510,458
|
|
Series 2015-C2, Class D, 4.18%, 6/15/2057 (a)
|
6,852,000
|
6,016,673
|
|
DBJPM Mortgage Trust Series 2016-C3, Class B, 3.26%, 8/10/2049
|
400,000
|
384,038
|
|
ELM Trust Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (a) (c)
|
1,885,000
|
1,882,272
|
|
FHLMC
|
|
|
|
Series 2025-MN11, Class M1, 5.26%, 7/25/2045 (a) (c)
|
2,421,580
|
2,418,321
|
|
Series 2025-MN11, Class M2, 6.26%, 7/25/2045 (a) (c)
|
3,000,000
|
2,979,900
|
|
FHLMC MSCR Trust
|
|
|
|
Series 2021-MN2, Class B1, 9.11%, 7/25/2041 (a) (c)
|
200,000
|
200,002
|
|
Series 2023-MN6, Class M2, 10.36%, 5/25/2043 (a) (c)
|
5,000,000
|
5,636,101
|
|
Series 2023-MN7, Class M1, 7.21%, 9/25/2043 (a) (c)
|
1,406,488
|
1,408,635
|
|
Series 2023-MN7, Class M2, 9.31%, 9/25/2043 (a) (c)
|
5,348,000
|
5,711,828
|
|
Series 2023-MN7, Class B1, 12.46%, 9/25/2043 (a) (c)
|
1,750,000
|
2,017,332
|
|
Series 2024-MN8, Class M1, 6.46%, 5/25/2044 (a) (c)
|
9,956,676
|
10,012,495
|
|
Series 2024-MN8, Class M2, 7.86%, 5/25/2044 (a) (c)
|
2,500,000
|
2,608,774
|
|
Series 2024-MN8, Class B1, 10.96%, 5/25/2044 (a) (c)
|
2,900,000
|
3,336,421
|
|
Series 2024-MN9, Class M1, 6.06%, 10/25/2044 (a) (c)
|
10,427,227
|
10,509,166
|
|
Series 2024-MN9, Class M2, 6.86%, 10/25/2044 (a) (c)
|
7,100,000
|
7,199,453
|
|
Series 2024-MN9, Class B1, 9.61%, 10/25/2044 (a) (c)
|
500,000
|
519,723
|
|
Series 2025-MN10, Class M1, 5.66%, 2/25/2045 (a) (c)
|
3,755,940
|
3,724,351
|
|
Series 2025-MN10, Class M2, 6.46%, 2/25/2045 (a) (c)
|
5,500,000
|
5,518,876
|
|
Series 2025-MN10, Class B1, 8.56%, 2/25/2045 (a) (c)
|
180,000
|
183,555
|
|
Series 2025-MN11, Class B1, 8.01%, 7/25/2045 (a) (c)
|
2,700,000
|
2,693,948
|
|
Series 2025-MN12, Class B1, 8.11%, 11/25/2045 (a) (c)
|
4,880,000
|
4,916,354
|
|
Series 2026-MN13, Class M2, 6.56%, 3/25/2046 (a) (c)
|
7,285,000
|
7,301,608
|
|
Series 2021-MN1, Class M1, 5.61%, 1/25/2051 (a) (c)
|
161,786
|
161,586
|
|
Series 2021-MN1, Class M2, 7.36%, 1/25/2051 (a) (c)
|
3,000,000
|
3,106,129
|
|
Series 2021-MN3, Class M2, 7.61%, 11/25/2051 (a) (c)
|
8,700,000
|
8,987,189
|
|
Series 2021-MN3, Class B1, 10.46%, 11/25/2051 (a) (c)
|
1,750,000
|
1,850,084
|
|
FHLMC, Multi-Class Certificates
|
|
|
|
Series 2020-RR12, Class X, IO, 2.10%, 10/27/2027 (a)
|
2,000,000
|
34,980
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2020-RR06, Class AX, IO, 1.88%, 10/27/2028 (a)
|
2,000,000
|
71,557
|
|
Series 2020-RR06, Class BX, IO, 1.84%, 5/27/2033 (a)
|
50,250,000
|
3,530,414
|
|
Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034 (a)
|
2,500,000
|
304,426
|
|
Series 2021-RR16, Class X, IO, 0.96%, 10/27/2034 (a)
|
5,600,000
|
343,157
|
|
Series 2023-RR21, Class X, IO, 3.39%, 4/27/2036 (a)
|
18,000,000
|
3,459,537
|
|
FHLMC, Multi-Family Structured Credit Risk Series 2022-MN4, Class M2, 10.11%, 5/25/2052 (a) (c)
|
3,000,000
|
3,288,295
|
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
|
Series K737, Class X1, IO, 0.60%, 10/25/2026 (a)
|
42,601,011
|
44,403
|
|
Series K738, Class X1, IO, 1.47%, 1/25/2027 (a)
|
40,687,816
|
217,159
|
|
Series K064, Class X1, IO, 0.58%, 3/25/2027 (a)
|
9,855,011
|
29,921
|
|
Series KC05, Class X1, IO, 1.12%, 6/25/2027 (a)
|
26,121,573
|
205,624
|
|
Series K068, Class X1, IO, 0.40%, 8/25/2027 (a)
|
611,593
|
2,636
|
|
Series K740, Class X1, IO, 0.72%, 9/25/2027 (a)
|
17,395,497
|
123,249
|
|
Series K072, Class X1, IO, 0.36%, 12/25/2027 (a)
|
14,330,321
|
73,959
|
|
Series K742, Class X1, IO, 0.60%, 3/25/2028 (a)
|
2,047,758
|
18,368
|
|
Series K742, Class X3, IO, 2.65%, 4/25/2028 (a)
|
5,000,000
|
226,374
|
|
Series K743, Class X1, IO, 0.90%, 5/25/2028 (a)
|
24,958,930
|
381,996
|
|
Series K078, Class X1, IO, 0.08%, 6/25/2028 (a)
|
60,316,150
|
135,229
|
|
Series K745, Class X1, IO, 0.61%, 8/25/2028 (a)
|
14,758,096
|
168,332
|
|
Series K082, Class X1, IO, 0.01%, 9/25/2028 (a)
|
187,988,010
|
291,193
|
|
Series K083, Class X1, IO, 0.03%, 9/25/2028 (a)
|
127,909,106
|
225,465
|
|
Series K084, Class X3, IO, 2.24%, 11/25/2028 (a)
|
751,485
|
38,128
|
|
Series K514, Class X1, IO, 0.96%, 12/25/2028 (a)
|
11,774,805
|
256,774
|
|
Series K088, Class X1, IO, 0.50%, 1/25/2029 (a)
|
13,407,482
|
164,781
|
|
Series K091, Class X1, IO, 0.56%, 3/25/2029 (a)
|
31,577,869
|
452,097
|
|
Series K519, Class AS, 4.13%, 3/25/2029 (a)
|
3,678,159
|
3,671,212
|
|
Series K749, Class XAM, IO, 0.22%, 4/25/2029 (a)
|
55,000,000
|
401,203
|
|
Series KW09, Class X1, IO, 0.76%, 5/25/2029 (a)
|
59,625,281
|
1,134,276
|
|
Series K094, Class X1, IO, 0.87%, 6/25/2029 (a)
|
20,816,323
|
483,792
|
|
Series K095, Class XAM, IO, 1.23%, 6/25/2029 (a)
|
1,614,000
|
58,496
|
|
Series K528, Class X1, IO, 0.82%, 7/25/2029 (a)
|
30,000,000
|
717,777
|
|
Series KG02, Class X1, IO, 1.01%, 8/25/2029 (a)
|
14,057,912
|
336,112
|
|
Series K100, Class X1, IO, 0.64%, 9/25/2029 (a)
|
53,138,595
|
975,194
|
|
Series K101, Class X1, IO, 0.83%, 10/25/2029 (a)
|
1,628,394
|
39,130
|
|
Series K101, Class X3, IO, 1.89%, 10/25/2029 (a)
|
20,000,000
|
1,161,596
|
|
Series K090, Class X3, IO, 2.31%, 10/25/2029 (a)
|
5,000,000
|
310,100
|
|
Series K103, Class X1, IO, 0.63%, 11/25/2029 (a)
|
25,336,593
|
489,001
|
|
Series K104, Class X1, IO, 1.10%, 1/25/2030 (a)
|
12,730,260
|
437,090
|
|
Series K106, Class X1, IO, 1.31%, 1/25/2030 (a)
|
127,475,325
|
5,289,589
|
|
Series K105, Class X1, IO, 1.51%, 1/25/2030 (a)
|
24,163,531
|
1,128,563
|
|
Series K107, Class X1, IO, 1.58%, 1/25/2030 (a)
|
92,300,516
|
4,560,845
|
|
Series K109, Class X1, IO, 1.56%, 4/25/2030 (a)
|
124,240,813
|
6,313,135
|
|
Series K110, Class X1, IO, 1.64%, 4/25/2030 (a)
|
57,642,911
|
2,987,344
|
|
Series K114, Class X1, IO, 1.11%, 6/25/2030 (a)
|
2,085,101
|
79,370
|
|
Series K115, Class X1, IO, 1.31%, 6/25/2030 (a)
|
69,624,482
|
3,117,937
|
|
Series K117, Class X1, IO, 1.21%, 8/25/2030 (a)
|
30,674,378
|
1,292,802
|
|
Series K119, Class X1, IO, 0.91%, 9/25/2030 (a)
|
7,182,253
|
236,543
|
|
Series K121, Class X1, IO, 1.01%, 10/25/2030 (a)
|
24,462,428
|
873,355
|
|
Series K120, Class X1, IO, 1.02%, 10/25/2030 (a)
|
40,120,376
|
1,453,537
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series K754, Class XAM, IO, 0.03%, 11/25/2030 (a)
|
116,738,000
|
479,711
|
|
Series KG04, Class X1, IO, 0.84%, 11/25/2030 (a)
|
67,106,310
|
2,020,766
|
|
Series K122, Class X1, IO, 0.86%, 11/25/2030 (a)
|
19,354,371
|
622,444
|
|
Series K124, Class X1, IO, 0.71%, 12/25/2030 (a)
|
98,802,686
|
2,692,087
|
|
Series K123, Class X1, IO, 0.76%, 12/25/2030 (a)
|
52,208,965
|
1,477,749
|
|
Series K126, Class X1, IO, 0.29%, 1/25/2031 (a)
|
76,268,843
|
916,157
|
|
Series K152, Class X1, IO, 0.95%, 1/25/2031 (a)
|
16,866,097
|
564,328
|
|
Series K128, Class X1, IO, 0.51%, 3/25/2031 (a)
|
125,517,848
|
2,489,973
|
|
Series K129, Class X3, IO, 3.16%, 5/25/2031 (a)
|
8,000,000
|
1,062,018
|
|
Series K130, Class X1, IO, 1.03%, 6/25/2031 (a)
|
6,144,666
|
264,337
|
|
Series K131, Class X1, IO, 0.72%, 7/25/2031 (a)
|
56,422,417
|
1,791,999
|
|
Series KG06, Class X1, IO, 0.53%, 10/25/2031 (a)
|
42,520,595
|
996,317
|
|
Series K136, Class X1, IO, 0.39%, 12/25/2031 (a)
|
62,529,945
|
943,102
|
|
Series K140, Class X1, IO, 0.29%, 1/25/2032 (a)
|
84,305,419
|
1,284,149
|
|
Series K-152, Class A1, 3.78%, 1/25/2032
|
332,829
|
328,865
|
|
Series K760, Class XAM, IO, 0.09%, 2/25/2032 (a)
|
115,430,000
|
920,219
|
|
Series Q001, Class XA, IO, 2.05%, 2/25/2032 (a)
|
14,159,264
|
760,664
|
|
Series K142, Class X1, IO, 0.30%, 3/25/2032 (a)
|
109,881,705
|
1,713,451
|
|
Series K144, Class X1, IO, 0.33%, 4/25/2032 (a)
|
4,074,595
|
75,207
|
|
Series K-161, Class A1, 5.08%, 7/25/2032
|
3,480,000
|
3,565,975
|
|
Series K-150, Class X1, IO, 0.31%, 9/25/2032 (a)
|
17,439,596
|
339,282
|
|
Series K-152, Class X1, IO, 0.15%, 11/25/2032 (a)
|
131,733,595
|
1,511,485
|
|
Series K-154, Class X1, IO, 0.35%, 1/25/2033 (a)
|
85,778,106
|
1,963,950
|
|
Series K-159, Class X1, IO, 0.12%, 7/25/2033 (a)
|
151,844,829
|
1,729,938
|
|
Series K-161, Class X3, IO, 5.48%, 11/25/2033 (a)
|
2,700,000
|
840,350
|
|
Series K-1514, Class X1, IO, 0.58%, 10/25/2034 (a)
|
1,181,554
|
42,587
|
|
Series K-1514, Class X3, IO, 2.77%, 10/25/2034 (a)
|
13,043,739
|
2,278,932
|
|
Series K-1512, Class X3, IO, 3.15%, 10/25/2034 (a)
|
2,500,000
|
503,067
|
|
Series K-1515, Class X1, IO, 1.50%, 2/25/2035 (a)
|
8,734,312
|
795,231
|
|
Series K-1517, Class X1, IO, 1.32%, 7/25/2035 (a)
|
19,110,772
|
1,653,546
|
|
Series Q012, Class X, IO, 3.94%, 9/25/2035 (a)
|
332,211
|
46,071
|
|
Series K-1518, Class X1, IO, 0.85%, 10/25/2035 (a)
|
35,770,557
|
2,009,429
|
|
Series K-1519, Class X1, IO, 0.59%, 12/25/2035 (a)
|
13,265,285
|
529,029
|
|
Series K-1520, Class X1, IO, 0.47%, 2/25/2036 (a)
|
57,532,488
|
1,841,690
|
|
Series K-1513, Class X3, IO, 2.93%, 12/25/2037 (a)
|
4,500,000
|
837,223
|
|
Series K-1515, Class X3, IO, 3.68%, 3/25/2038 (a)
|
3,000,000
|
726,530
|
|
Series K-1516, Class X3, IO, 3.46%, 10/25/2038 (a)
|
1,000,000
|
237,277
|
|
Series K067, Class X3, IO, 2.12%, 9/25/2044 (a)
|
15,000,000
|
372,919
|
|
Series K068, Class X3, IO, 2.06%, 10/25/2044 (a)
|
12,000,000
|
291,720
|
|
Series K060, Class X3, IO, 1.90%, 12/25/2044 (a)
|
13,199,854
|
97,015
|
|
Series K062, Class X3, IO, 2.08%, 1/25/2045 (a)
|
14,999,855
|
174,039
|
|
Series K063, Class X3, IO, 2.08%, 2/25/2045 (a)
|
11,342,000
|
150,422
|
|
Series K065, Class X3, IO, 2.19%, 7/25/2045 (a)
|
8,509,531
|
178,771
|
|
Series K066, Class X3, IO, 2.16%, 8/25/2045 (a)
|
25,000,000
|
594,137
|
|
Series K071, Class X3, IO, 2.01%, 11/25/2045 (a)
|
8,700,000
|
237,617
|
|
Series K085, Class X3, IO, 2.31%, 12/25/2045 (a)
|
1,850,000
|
95,140
|
|
Series K097, Class X3, IO, 2.02%, 9/25/2046 (a)
|
3,000,000
|
174,414
|
|
Series K082, Class X3, IO, 2.21%, 10/25/2046 (a)
|
10,000,000
|
493,309
|
|
Series K083, Class X3, IO, 2.29%, 11/25/2046 (a)
|
621,062
|
32,410
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series K092, Class X3, IO, 2.25%, 5/25/2047 (a)
|
43,959,013
|
2,612,080
|
|
Series K737, Class X3, IO, 1.78%, 1/25/2048 (a)
|
11,779,376
|
98,984
|
|
Series K109, Class X3, IO, 3.38%, 5/25/2048 (a)
|
3,400,000
|
389,800
|
|
Series K119, Class X3, IO, 2.73%, 9/25/2048 (a)
|
5,000,000
|
510,801
|
|
Series K121, Class X3, IO, 2.77%, 11/25/2048 (a)
|
5,000,000
|
531,965
|
|
Series K126, Class X3, IO, 2.63%, 1/25/2049 (a)
|
12,950,000
|
1,362,089
|
|
Series K124, Class X3, IO, 2.62%, 2/25/2049 (a)
|
5,000,000
|
506,756
|
|
Series K125, Class X3, IO, 2.65%, 2/25/2049 (a)
|
16,750,000
|
1,744,092
|
|
Series K741, Class X3, IO, 2.44%, 3/25/2049 (a)
|
13,766,615
|
485,327
|
|
Series K127, Class X3, IO, 2.65%, 3/25/2049 (a)
|
4,000,000
|
418,894
|
|
Series K743, Class X3, IO, 2.95%, 6/25/2049 (a)
|
13,000,000
|
693,173
|
|
Series K147, Class X3, IO, 3.80%, 6/25/2050 (a)
|
6,400,000
|
1,184,109
|
|
Series K096, Class X3, IO, 2.04%, 8/25/2051 (a)
|
8,380,000
|
451,012
|
|
Series K148, Class X3, IO, 4.15%, 8/25/2054 (a)
|
17,000,000
|
3,542,756
|
|
Series K143, Class X1, IO, 0.34%, 4/25/2055 (a)
|
34,767,785
|
645,749
|
|
Series Q014, Class X, IO, 2.73%, 10/25/2055 (a)
|
1,705,951
|
237,045
|
|
Series K-152, Class X3, IO, 4.33%, 11/25/2055 (a)
|
5,000,000
|
1,116,969
|
|
Series K759, Class X3, IO, 5.26%, 2/25/2057 (a)
|
1,026,415
|
256,764
|
|
FHLMC, Multi-Family, Structured Pass-Through Certificates Series K-153, Class X1,
IO, 0.44%, 12/25/2032 (a)
|
19,677,602
|
538,785
|
|
FNMA ACES
|
|
|
|
Series 2016-M10, Class X, IO, 0.61%, 7/25/2028 (a)
|
98,537,034
|
880,409
|
|
Series 2019-M11, Class X1, IO, 1.04%, 6/25/2029 (a)
|
3,843,295
|
84,099
|
|
Series 2020-M3, Class X1, IO, 0.32%, 2/25/2030 (a)
|
3,086,723
|
22,491
|
|
Series 2020-M30, Class X, IO, 0.90%, 7/25/2031 (a)
|
35,162,868
|
1,092,690
|
|
Series 2020-M15, Class X1, IO, 1.45%, 9/25/2031 (a)
|
20,996,369
|
1,127,887
|
|
Series 2022-M2, Class X2, IO, 0.20%, 1/25/2032 (a)
|
2,783,395
|
22,304
|
|
Series 2020-M16, Class X1, IO, 0.45%, 4/25/2032 (a)
|
74,716,472
|
1,158,300
|
|
Series 2020-M35, Class X, IO, 0.15%, 7/25/2032 (a)
|
236,225,910
|
1,355,960
|
|
Series 2020-M31, Class AB, 0.50%, 10/25/2032
|
69,912
|
63,271
|
|
Series 2019-M11, Class X2, IO, 0.87%, 5/25/2034 (a)
|
47,842,172
|
2,428,760
|
|
Series 2024-M5, Class 1A2C, 4.45%, 8/25/2034 (a)
|
3,500,000
|
3,420,372
|
|
Series 2021-M8, Class X, IO, 0.21%, 11/25/2035 (a)
|
90,796,445
|
1,199,603
|
|
FREMF Series 20K-1517, Class C, PO, 8/25/2035 (c)
|
5,500,000
|
2,761,130
|
|
FREMF Mortgage Trust
|
|
|
|
Series 2017-KF38, Class B, 6.26%, 9/25/2024 (a) (c)
|
769,180
|
768,909
|
|
Series 2017-KF40, Class B, 6.46%, 11/25/2027 (a) (c)
|
943,700
|
937,676
|
|
Series 2018-KF43, Class B, 5.91%, 1/25/2028 (a) (c)
|
21,473
|
20,951
|
|
Series 2018-KF50, Class B, 5.66%, 7/25/2028 (a) (c)
|
3,383
|
3,318
|
|
Series 2018-K84, Class D, PO, 11/25/2028 (c)
|
3,500,000
|
2,844,336
|
|
Series 2018-KF54, Class B, 5.96%, 11/25/2028 (a) (c)
|
442,364
|
424,820
|
|
Series 2019-KF59, Class B, 6.11%, 2/25/2029 (a) (c)
|
675,975
|
652,400
|
|
Series 2019-K92, Class X2A, IO, 0.10%, 4/25/2029 (c)
|
57,062,904
|
123,895
|
|
Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (c)
|
15,546,697
|
35,322
|
|
Series 2019-KW09, Class C, PO, 6/25/2029 (c)
|
790,000
|
616,481
|
|
Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (c)
|
10,000,000
|
24,762
|
|
Series 2019-K92, Class X2B, IO, 0.10%, 7/25/2029 (c)
|
12,014,516
|
30,414
|
|
Series 2019-KF67, Class C, 9.76%, 8/25/2029 (a) (c)
|
1,474,382
|
1,293,199
|
|
Series 2019-KC07, Class C, 3.58%, 10/25/2029 (a) (c)
|
2,400,000
|
2,042,502
|
|
Series 2019-KF73, Class B, 6.21%, 11/25/2029 (a) (c)
|
2,052,602
|
1,917,795
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2020-KF76, Class B, 6.51%, 1/25/2030 (a) (c)
|
337,803
|
330,668
|
|
Series 2020-K107, Class D, 3.51%, 2/25/2030 (a) (c)
|
4,500,000
|
3,720,941
|
|
Series 2023-K752, Class D, PO, 8/25/2030 (c)
|
2,588,480
|
1,828,409
|
|
Series 2023-K752, Class X2B, IO, 0.10%, 8/25/2030 (c)
|
9,003,480
|
30,169
|
|
Series 2020-KSG1, Class C, PO, 9/25/2030 (c)
|
3,300,000
|
2,337,720
|
|
Series 2020-KSG1, Class X2A, IO, 0.10%, 9/25/2030 (c)
|
40,279,659
|
129,918
|
|
Series 2020-KSG1, Class X2B, IO, 0.10%, 9/25/2030 (c)
|
3,300,000
|
11,499
|
|
Series 2018-KW07, Class B, 4.11%, 10/25/2031 (a) (c)
|
300,000
|
274,583
|
|
Series 2022-KF132, Class CS, 10.05%, 2/25/2032 (a) (c)
|
2,757,866
|
2,565,210
|
|
Series 2019-KW10, Class C, PO, 10/25/2032 (c)
|
1,300,000
|
982,620
|
|
Series 2019-KW10, Class X2A, IO, 0.10%, 10/25/2032 (c)
|
13,883,609
|
34,599
|
|
Series 2019-KW10, Class X2B, IO, 0.10%, 10/25/2032 (c)
|
1,600,000
|
4,235
|
|
Series 2023-KF149, Class CS, 9.80%, 12/25/2032 (a) (c)
|
341,607
|
347,490
|
|
Series 2018-K155, Class X2A, IO, 0.10%, 4/25/2033 (c)
|
44,899,336
|
192,353
|
|
Series 2018-K155, Class C, PO, 5/25/2033 (c)
|
4,000,000
|
2,278,279
|
|
Series 2018-K155, Class X2B, IO, 0.10%, 5/25/2033 (c)
|
5,250,000
|
27,851
|
|
Series 19K-1511, Class C, PO, 4/25/2034 (c)
|
5,327,320
|
2,816,861
|
|
Series 19K-1513, Class X2A, IO, 0.10%, 8/25/2034 (c)
|
167,499,053
|
926,086
|
|
Series 19K-1514, Class C, 0.00%, 10/25/2034 (c)
|
6,000,000
|
3,127,321
|
|
Series 2017-K69, Class D, PO, 10/25/2049 (c)
|
6,000,000
|
5,320,890
|
|
Series 2017-K724, Class D, PO, 12/25/2049 (c)
|
18,076
|
15,081
|
|
Series 2017-K62, Class B, 3.89%, 1/25/2050 (a) (c)
|
415,000
|
412,495
|
|
Series 2019-K91, Class C, 4.26%, 4/25/2051 (a) (c)
|
250,000
|
242,822
|
|
Series 2018-K83, Class D, PO, 11/25/2051 (c)
|
3,400,000
|
2,767,311
|
|
Series 2019-K92, Class D, PO, 5/25/2052 (c)
|
4,900,000
|
3,868,658
|
|
Series 2020-K116, Class D, PO, 9/25/2052 (c)
|
4,500,000
|
3,077,256
|
|
Series 2020-K116, Class X2A, IO, 0.10%, 9/25/2052 (c)
|
57,860,493
|
174,808
|
|
Series 2020-K116, Class X2B, IO, 0.10%, 9/25/2052 (c)
|
12,768,420
|
42,076
|
|
Series 2020-K740, Class D, PO, 11/25/2052 (c)
|
10,000,000
|
8,955,138
|
|
Series 2020-K740, Class X2A, IO, 0.10%, 11/25/2052 (c)
|
103,422,407
|
99,006
|
|
Series 2020-K740, Class X2B, IO, 0.10%, 11/25/2052 (c)
|
24,500,000
|
27,293
|
|
Series 2020-K105, Class D, PO, 3/25/2053 (c)
|
4,000,000
|
2,823,523
|
|
Series 2020-K105, Class X2A, IO, 0.10%, 3/25/2053 (c)
|
50,593,600
|
139,168
|
|
Series 2020-K105, Class X2B, IO, 0.10%, 3/25/2053 (c)
|
12,000,000
|
37,013
|
|
Series 2020-K109, Class D, PO, 5/25/2053 (c)
|
7,000,000
|
4,834,208
|
|
Series 2020-K113, Class D, PO, 5/25/2053 (c)
|
4,300,000
|
3,051,339
|
|
Series 2020-K109, Class X2A, IO, 0.10%, 5/25/2053 (c)
|
67,544,992
|
202,979
|
|
Series 2020-K109, Class X2B, IO, 0.10%, 5/25/2053 (c)
|
24,000,000
|
76,898
|
|
Series 2020-K115, Class D, PO, 9/25/2053 (c)
|
6,000,000
|
4,442,017
|
|
Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (c)
|
63,373,882
|
204,058
|
|
Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (c)
|
14,600,000
|
49,549
|
|
Series 2020-K118, Class D, PO, 10/25/2053 (c)
|
7,000,000
|
5,012,340
|
|
Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (c)
|
75,586,210
|
250,417
|
|
Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (c)
|
15,633,000
|
54,462
|
|
Series 2020-K739, Class D, PO, 11/25/2053 (c)
|
7,000,000
|
6,058,995
|
|
Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (c)
|
67,213,140
|
50,867
|
|
Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (c)
|
17,500,000
|
17,204
|
|
Series 2020-K122, Class D, PO, 1/25/2054 (c)
|
4,000,000
|
2,696,206
|
|
Series 2021-K126, Class D, PO, 1/25/2054 (c)
|
7,600,000
|
5,207,996
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2020-K122, Class X2B, IO, 0.10%, 1/25/2054 (c)
|
10,972,469
|
38,896
|
|
Series 2021-K126, Class X2A, IO, 0.10%, 1/25/2054 (c)
|
78,390,387
|
277,416
|
|
Series 2021-K126, Class X2B, IO, 0.10%, 1/25/2054 (c)
|
20,236,360
|
77,109
|
|
Series 2023-K752, Class X2A, IO, 0.10%, 9/25/2060 (c)
|
43,235,955
|
134,970
|
|
GNMA
|
|
|
|
Series 2013-174, Class IA, IO, 0.46%, 10/16/2053 (a)
|
30,611,008
|
479,895
|
|
Series 2025-128, Class AW, 4.75%, 3/16/2054
|
14,627,136
|
14,499,376
|
|
Series 2025-144, Class A, 4.75%, 7/16/2054
|
9,979,826
|
9,913,988
|
|
Series 2025-93, Class AM, 4.75%, 12/16/2054
|
8,700,000
|
8,470,368
|
|
Series 2014-88, Class AJ, 2.99%, 3/16/2055 (a)
|
739,732
|
646,789
|
|
Series 2025-106, Class A, 5.00%, 7/16/2055
|
3,064,342
|
3,050,374
|
|
Series 2015-33, IO, 0.12%, 2/16/2056 (a)
|
34,266,667
|
96,265
|
|
Series 2024-52, Class A, 4.50%, 3/16/2056 (a)
|
1,457,357
|
1,437,407
|
|
Series 2025-138, Class A, 4.75%, 5/16/2056
|
14,465,345
|
14,224,960
|
|
Series 2025-128, Class AD, 5.00%, 10/16/2056
|
846,649
|
847,074
|
|
Series 2017-9, IO, 0.56%, 1/16/2057 (a)
|
18,037,902
|
553,343
|
|
Series 2026-20, Class AM, 4.50%, 6/16/2057
|
4,739,860
|
4,607,748
|
|
Series 2023-127, IO, 0.39%, 7/16/2057 (a)
|
78,250,257
|
1,300,511
|
|
Series 2026-17, Class AC, 4.50%, 8/16/2057
|
4,979,718
|
4,845,164
|
|
Series 2016-165, IO, 0.70%, 12/16/2057 (a)
|
3,094,986
|
94,895
|
|
Series 2026-16, Class AC, 4.00%, 12/16/2057
|
41,453,496
|
40,214,604
|
|
Series 2026-72, Class AD, 4.50%, 5/16/2058
|
9,990,382
|
9,748,239
|
|
Series 2019-127, IO, 0.68%, 9/16/2058 (a)
|
34,386,625
|
1,557,931
|
|
Series 2017-70, IO, 0.36%, 2/16/2059 (a)
|
41,006,992
|
852,921
|
|
Series 2023-108, IO, 0.67%, 8/16/2059 (a)
|
10,819,838
|
373,986
|
|
Series 2026-14, Class A, 4.50%, 1/16/2060
|
11,902,361
|
11,581,645
|
|
Series 2026-23, Class A, 4.50%, 1/16/2060
|
51,857,909
|
50,457,642
|
|
Series 2024-70, IO, 0.76%, 2/16/2060 (a)
|
28,777,541
|
1,619,928
|
|
Series 2018-85, IO, 0.55%, 7/16/2060 (a)
|
13,349,413
|
463,126
|
|
Series 2020-184, IO, 0.91%, 11/16/2060 (a)
|
35,370,845
|
2,362,486
|
|
Series 2021-17, IO, 1.05%, 1/16/2061 (a)
|
12,446,241
|
966,709
|
|
Series 2019-76, IO, 0.87%, 3/16/2061 (a)
|
21,998,425
|
1,185,471
|
|
Series 2021-47, IO, 0.99%, 3/16/2061 (a)
|
25,072,258
|
1,633,621
|
|
Series 2021-82, Class TA, IF, IO, 0.01%, 4/16/2061 (a)
|
9,915,308
|
226,024
|
|
Series 2021-63, IO, 0.82%, 4/16/2061 (a)
|
30,248,130
|
1,778,690
|
|
Series 2021-95, Class TA, IF, IO, 0.01%, 6/1/2061 (a)
|
9,928,101
|
371,265
|
|
Series 2019-53, Class IA, IO, 0.75%, 6/16/2061 (a)
|
1,950,626
|
94,793
|
|
Series 2021-108, IO, 0.97%, 6/16/2061 (a)
|
15,489,271
|
1,079,407
|
|
Series 2021-147, IO, 0.99%, 6/16/2061 (a)
|
7,367,512
|
520,222
|
|
Series 2019-155, IO, 0.51%, 7/16/2061 (a)
|
4,997,723
|
184,768
|
|
Series 2024-195, IO, 0.59%, 7/16/2061 (a)
|
69,512,771
|
2,644,335
|
|
Series 2021-153, Class SA, IF, IO, 0.01%, 8/16/2061 (a)
|
6,389,599
|
215,145
|
|
Series 2022-113, IO, 0.40%, 9/16/2061 (a)
|
30,372,585
|
958,097
|
|
Series 2019-154, IO, 0.58%, 9/16/2061 (a)
|
6,925,880
|
260,881
|
|
Series 2021-178, Class SA, IF, IO, 0.01%, 10/16/2061 (a)
|
14,810,662
|
565,969
|
|
Series 2021-218, IO, 0.96%, 10/16/2061 (a)
|
16,901,129
|
1,211,997
|
|
Series 2020-28, IO, 0.82%, 11/16/2061 (a)
|
5,088,685
|
276,432
|
|
Series 2025-38, IO, 0.64%, 1/16/2062 (a)
|
44,842,287
|
1,779,683
|
|
Series 2019-130, IO, 0.68%, 1/16/2062 (a)
|
17,620,201
|
870,121
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2019-144, IO, 0.80%, 1/16/2062 (a)
|
13,172,473
|
743,196
|
|
Series 2020-2, IO, 0.59%, 3/16/2062 (a)
|
9,904,046
|
411,160
|
|
Series 2020-143, Class IB, IO, 0.88%, 3/16/2062 (a)
|
13,804,933
|
849,609
|
|
Series 2020-110, IO, 0.98%, 3/16/2062 (a)
|
17,987,264
|
1,203,785
|
|
Series 2020-10, IO, 0.59%, 4/16/2062 (a)
|
9,602,346
|
377,198
|
|
Series 2020-23, IO, 0.66%, 4/16/2062 (a)
|
9,290,184
|
417,536
|
|
Series 2020-38, IO, 0.81%, 4/16/2062 (a)
|
14,223,281
|
806,356
|
|
Series 2020-89, Class IA, IO, 1.16%, 4/16/2062 (a)
|
35,472,902
|
2,810,898
|
|
Series 2020-38, Class FA, 4.19%, 4/16/2062 (a)
|
6,507,151
|
6,110,494
|
|
Series 2020-120, IO, 0.76%, 5/16/2062 (a)
|
5,328,781
|
302,851
|
|
Series 2020-100, IO, 0.79%, 5/16/2062 (a)
|
5,431,049
|
317,009
|
|
Series 2020-118, IO, 0.88%, 6/16/2062 (a)
|
6,028,388
|
370,649
|
|
Series 2020-147, IO, 0.91%, 6/16/2062 (a)
|
78,509,613
|
5,033,542
|
|
Series 2021-13, IO, 0.97%, 6/16/2062 (a)
|
35,006,806
|
2,256,357
|
|
Series 2020-194, IO, 1.07%, 6/16/2062 (a)
|
7,938,602
|
553,568
|
|
Series 2020-64, IO, 1.20%, 7/16/2062 (a)
|
3,397,065
|
286,214
|
|
Series 2020-137, IO, 0.80%, 9/16/2062 (a)
|
29,396,151
|
1,760,991
|
|
Series 2021-3, IO, 0.87%, 9/16/2062 (a)
|
13,833,106
|
857,802
|
|
Series 2020-6, IO, 0.70%, 10/16/2062 (a)
|
9,469,895
|
527,110
|
|
Series 2021-33, IO, 0.84%, 10/16/2062 (a)
|
37,110,804
|
2,357,442
|
|
Series 2021-71, IO, 0.86%, 10/16/2062 (a)
|
122,302,760
|
7,906,396
|
|
Series 2021-28, IO, 1.06%, 10/16/2062 (a)
|
90,459,228
|
6,772,628
|
|
Series 2021-80, IO, 0.90%, 12/16/2062 (a)
|
5,141,253
|
344,087
|
|
Series 2020-150, IO, 0.97%, 12/16/2062 (a)
|
233,892
|
15,974
|
|
Series 2021-35, IO, 1.03%, 12/16/2062 (a)
|
3,041,546
|
214,653
|
|
Series 2020-195, Class IX, IO, 1.13%, 12/16/2062 (a)
|
13,113,523
|
1,030,429
|
|
Series 2021-48, Class FT, 3.99%, 12/16/2062 (a)
|
13,104,931
|
11,627,411
|
|
Series 2026-56, Class AC, 4.50%, 1/16/2063
|
5,940,331
|
5,779,000
|
|
Series 2021-40, IO, 0.82%, 2/16/2063 (a)
|
9,822,658
|
584,982
|
|
Series 2021-62, Class AT, 4.00%, 2/16/2063
|
21,998,421
|
20,478,894
|
|
Series 2021-144, IO, 0.82%, 4/16/2063 (a)
|
68,124,128
|
3,986,658
|
|
Series 2021-106, IO, 0.85%, 4/16/2063 (a)
|
66,192,226
|
4,225,354
|
|
Series 2021-151, IO, 0.91%, 4/16/2063 (a)
|
7,409,906
|
501,135
|
|
Series 2021-186, IO, 0.74%, 5/16/2063 (a)
|
63,383,209
|
3,462,371
|
|
Series 2021-168, IO, 0.80%, 5/16/2063 (a)
|
12,574,757
|
743,828
|
|
Series 2021-60, IO, 0.83%, 5/16/2063 (a)
|
2,133,619
|
126,522
|
|
Series 2021-126, IO, 0.85%, 5/16/2063 (a)
|
9,268,360
|
599,511
|
|
Series 2021-22, IO, 0.98%, 5/16/2063 (a)
|
7,026,836
|
481,995
|
|
Series 2021-170, IO, 0.99%, 5/16/2063 (a)
|
12,968,642
|
931,788
|
|
Series 2021-141, Class SA, IF, IO, 0.01%, 6/16/2063 (a)
|
1,644,267
|
55,517
|
|
Series 2024-32, IO, 0.70%, 6/16/2063 (a)
|
44,990,709
|
2,309,517
|
|
Series 2021-133, IO, 0.88%, 7/16/2063 (a)
|
31,147,745
|
2,010,294
|
|
Series 2022-67, IO, 0.90%, 8/16/2063 (a)
|
17,965,153
|
1,294,838
|
|
Series 2021-61, IO, 1.04%, 8/16/2063 (a)
|
1,301,272
|
95,715
|
|
Series 2021-195, Class IX, IO, 1.20%, 8/16/2063 (a)
|
79,639,063
|
7,376,449
|
|
Series 2023-15, Class AB, 4.00%, 8/16/2063 (a)
|
708,038
|
672,807
|
|
Series 2023-179, IO, 0.61%, 9/16/2063 (a)
|
123,835,629
|
5,370,764
|
|
Series 2021-92, IO, 0.80%, 9/16/2063 (a)
|
39,865,600
|
2,355,192
|
|
Series 2021-164, IO, 0.95%, 10/16/2063 (a)
|
29,712,206
|
2,012,815
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2021-110, IO, 0.88%, 11/16/2063 (a)
|
9,962,263
|
654,505
|
|
Series 2021-180, IO, 0.92%, 11/16/2063 (a)
|
13,994,994
|
949,984
|
|
Series 2025-78, IO, 1.00%, 11/16/2063 (a)
|
261,767,854
|
19,022,879
|
|
Series 2021-150, IO, 1.04%, 11/16/2063 (a)
|
12,089,395
|
942,782
|
|
Series 2021-185, IO, 1.16%, 11/16/2063 (a)
|
1,370,704
|
117,933
|
|
Series 2021-220, IO, 0.83%, 12/16/2063 (a)
|
10,620,315
|
640,317
|
|
Series 2022-7, Class SA, IF, IO, 0.01%, 2/16/2064 (a)
|
6,734,186
|
264,744
|
|
Series 2022-106, IO, 0.69%, 2/16/2064 (a)
|
2,686,933
|
136,033
|
|
Series 2022-26, IO, 0.73%, 2/16/2064 (a)
|
6,629,825
|
350,408
|
|
Series 2022-157, IO, 0.63%, 3/16/2064 (a)
|
30,535,248
|
1,534,830
|
|
Series 2021-224, IO, 0.79%, 4/16/2064 (a)
|
1,858,842
|
115,550
|
|
Series 2025-206, IO, 0.80%, 4/16/2064 (a)
|
188,748,465
|
11,263,697
|
|
Series 2022-134, IO, 0.51%, 6/16/2064 (a)
|
2,837,540
|
106,190
|
|
Series 2022-80, IO, 0.59%, 6/16/2064 (a)
|
47,137,534
|
2,128,684
|
|
Series 2022-165, IO, 0.60%, 6/16/2064 (a)
|
9,195,787
|
416,736
|
|
Series 2022-62, IO, 0.62%, 6/16/2064 (a)
|
9,770,345
|
464,038
|
|
Series 2024-161, IO, 0.74%, 6/16/2064 (a)
|
77,238,356
|
4,326,082
|
|
Series 2022-52, IO, 0.77%, 6/16/2064 (a)
|
9,301,012
|
428,729
|
|
Series 2022-141, IO, 0.79%, 6/16/2064 (a)
|
2,855,567
|
173,314
|
|
Series 2022-210, IO, 0.70%, 7/16/2064 (a)
|
4,846,806
|
255,831
|
|
Series 2022-199, IO, 0.76%, 7/16/2064 (a)
|
17,324,708
|
1,004,656
|
|
Series 2022-109, IO, 0.62%, 8/16/2064 (a)
|
51,943,062
|
2,586,666
|
|
Series 2023-15, IO, 0.92%, 8/16/2064 (a)
|
1,715,886
|
111,649
|
|
Series 2022-147, IO, 0.56%, 9/16/2064 (a)
|
23,739,699
|
1,008,854
|
|
Series 2022-214, IO, 0.60%, 9/16/2064 (a)
|
22,329,570
|
937,152
|
|
Series 2023-144, Class IB, IO, 0.76%, 12/16/2064 (a)
|
4,596,062
|
249,801
|
|
Series 2026-98, Class AD, 5.00%, 12/16/2064 (a)
|
4,600,000
|
4,574,956
|
|
Series 2023-28, IO, 0.86%, 2/16/2065 (a)
|
7,671,288
|
490,753
|
|
Series 2025-21, IO, 0.95%, 4/16/2065 (a)
|
106,898,486
|
7,462,284
|
|
Series 2023-26, IO, 0.97%, 4/16/2065 (a)
|
4,820,114
|
295,449
|
|
Series 2023-51, IO, 1.12%, 5/16/2065 (a)
|
11,277,971
|
839,070
|
|
Series 2024-17, IO, 1.06%, 6/16/2065 (a)
|
12,484,616
|
853,260
|
|
Series 2026-95, IO, 0.83%, 7/16/2065 (a)
|
233,600,000
|
14,216,749
|
|
Series 2023-126, IO, 0.88%, 7/16/2065 (a)
|
7,952,460
|
512,178
|
|
Series 2023-46, IO, 1.16%, 7/16/2065 (a)
|
4,413,362
|
327,995
|
|
Series 2024-124, IO, 0.83%, 7/17/2065 (a)
|
37,397,476
|
2,502,119
|
|
Series 2025-42, IO, 0.54%, 11/16/2065 (a)
|
81,245,948
|
3,741,482
|
|
Series 2024-56, IO, 1.01%, 11/16/2065 (a)
|
7,211,087
|
499,120
|
|
Series 2024-31, IO, 1.21%, 2/16/2066 (a)
|
9,767,958
|
795,461
|
|
Series 2024-138, Class IA, IO, 1.45%, 2/16/2066 (a)
|
19,213,971
|
1,735,696
|
|
Series 2025-112, IO, 0.57%, 3/16/2066 (a)
|
54,504,531
|
2,699,544
|
|
Series 2024-121, IO, 1.38%, 7/1/2066 (a)
|
1,656,472
|
152,220
|
|
Series 2024-90, IO, 0.80%, 7/16/2066 (a)
|
5,750,979
|
360,665
|
|
Series 2025-212, Class AC, 5.00%, 12/16/2066
|
10,968,082
|
10,789,456
|
|
Series 2025-153, Class ZT, 5.00%, 8/16/2067 (a)
|
4,290,368
|
3,746,539
|
|
Series 2025-202, IO, 0.72%, 9/16/2067 (a)
|
30,878,617
|
2,186,527
|
|
Series 2025-183, IO, 0.73%, 10/16/2067 (a)
|
43,443,226
|
2,951,663
|
|
Series 2026-23, Class AC, 5.00%, 11/16/2067 (a)
|
18,913,057
|
19,228,778
|
|
Series 2025-212, Class BE, 4.75%, 1/16/2068
|
11,153,601
|
10,829,764
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2025-142, IO, 0.71%, 2/16/2068 (a)
|
41,810,473
|
2,794,303
|
|
Series 2025-161, IO, 0.81%, 2/16/2068 (a)
|
129,174,747
|
9,764,552
|
|
Series 2026-16, IO, 0.96%, 2/16/2068 (a)
|
77,732,061
|
6,313,973
|
|
Series 2025-213, Class PA, 4.50%, 2/16/2068
|
12,745,148
|
12,422,989
|
|
Series 2025-217, Class AK, 4.50%, 2/16/2068 (a)
|
16,584,178
|
15,882,147
|
|
Series 2025-200, Class PA, 4.50%, 4/16/2068
|
7,944,815
|
7,640,160
|
|
Series 2026-71, Class BC, 5.00%, 5/16/2068 (a)
|
15,984,920
|
16,130,083
|
|
Series 2026-73, Class AT, 5.02%, 10/16/2068 (a)
|
8,991,750
|
9,301,866
|
|
Series 2026-56, Class AJ, 5.00%, 11/16/2068 (a)
|
16,173,676
|
16,488,309
|
|
Series 2026-56, Class AK, 5.00%, 11/16/2068 (a)
|
12,331,845
|
12,507,754
|
|
Series 2026-77, Class AK, 5.00%, 11/16/2068 (a)
|
25,451,878
|
26,186,488
|
|
GS Mortgage Securities Trust
|
|
|
|
Series 2014-GC22, Class B, 4.39%, 6/10/2047 (a)
|
3,270,000
|
2,558,166
|
|
Series 2015-GC34, Class B, 4.47%, 10/10/2048 (a)
|
1,000,000
|
620,010
|
|
Series 2015-GS1, Class C, 4.34%, 11/10/2048 (a)
|
9,569,364
|
8,379,318
|
|
Series 2016-GS2, Class D, 2.75%, 5/10/2049 (c)
|
750,000
|
646,772
|
|
Series 2017-GS5, Class B, 4.05%, 3/10/2050 (a)
|
500,000
|
403,088
|
|
Series 2015-GC30, Class C, 4.00%, 5/10/2050 (a)
|
3,500,000
|
3,025,680
|
|
Series 2019-GC40, Class E, 3.00%, 7/10/2052 (c)
|
800,000
|
522,866
|
|
Harvest Commercial Capital Loan Trust
|
|
|
|
Series 2024-1, Class A, 6.16%, 10/25/2056
|
7,508,214
|
7,602,052
|
|
Series 2025-1, Class A, 5.97%, 6/25/2057 (a)
|
8,695,576
|
8,825,384
|
|
IRV Trust
|
|
|
|
Series 2025-200P, Class A, 5.29%, 3/14/2047 (a) (c)
|
14,700,000
|
14,844,427
|
|
Series 2025-200P, Class B, 5.44%, 3/14/2047 (a) (c)
|
10,050,000
|
10,004,879
|
|
Series 2025-200P, Class C, 5.73%, 3/14/2047 (a) (c)
|
3,400,000
|
3,384,889
|
|
Series 2025-200P, Class D, 6.17%, 3/14/2047 (a) (c)
|
1,000,000
|
1,012,070
|
|
J.P. Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class B, 3.40%,
8/15/2049 (a)
|
4,000,000
|
3,728,019
|
|
JPMBB Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-C30, Class B, 4.11%, 7/15/2048 (a)
|
19,275,000
|
18,310,286
|
|
Series 2015-C30, Class C, 4.11%, 7/15/2048 (a)
|
8,150,000
|
6,652,193
|
|
Series 2015-C30, Class AS, 4.23%, 7/15/2048 (a)
|
776,701
|
762,099
|
|
Series 2015-C31, Class B, 4.53%, 8/15/2048 (a)
|
1,500,000
|
1,409,895
|
|
Series 2015-C28, Class D, 3.78%, 10/15/2048 (a) (c)
|
9,700,000
|
8,928,753
|
|
Series 2015-C33, Class C, 4.80%, 12/15/2048 (a)
|
150,000
|
143,954
|
|
Series 2016-C1, Class D1, 4.26%, 3/17/2049 (a) (c)
|
2,300,000
|
2,140,727
|
|
JPMCC Commercial Mortgage Securities Trust
|
|
|
|
Series 2017-JP5, Class C, 3.74%, 3/15/2050 (a)
|
1,920,000
|
1,709,703
|
|
Series 2017-JP5, Class B, 4.08%, 3/15/2050 (a)
|
850,000
|
810,569
|
|
JPMDB Commercial Mortgage Securities Trust
|
|
|
|
Series 2016-C2, Class B, 3.99%, 6/15/2049 (a)
|
1,000,000
|
890,562
|
|
Series 2016-C4, Class B, 3.64%, 12/15/2049 (a)
|
2,086,883
|
1,952,110
|
|
Series 2019-COR6, Class D, 2.50%, 11/13/2052 (c)
|
1,000,000
|
496,021
|
|
JPMorgan Chase Commercial Mortgage Securities Trust
|
|
|
|
Series 2015-JP1, Class C, 4.75%, 1/15/2049 (a)
|
4,750,000
|
4,297,562
|
|
Series 2016-JP2, Class A4, 2.82%, 8/15/2049
|
322,967
|
322,190
|
|
Series 2016-JP3, Class C, 3.46%, 8/15/2049 (a)
|
12,390,000
|
9,750,988
|
|
Series 2016-JP4, Class C, 3.38%, 12/15/2049 (a)
|
2,175,000
|
2,011,588
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Morgan Stanley Bank of America Merrill Lynch Trust
|
|
|
|
Series 2014-C19, Class D, 3.25%, 12/15/2047 (c)
|
1,938,153
|
1,904,216
|
|
Series 2015-C26, Class D, 3.06%, 10/15/2048 (c)
|
2,444,258
|
2,339,131
|
|
Series 2016-C28, Class C, 4.58%, 1/15/2049 (a)
|
745,000
|
642,188
|
|
Series 2016-C31, Class D, 3.00%, 11/15/2049 (a) (c)
|
17,885,000
|
13,771,214
|
|
Series 2016-C31, Class C, 4.25%, 11/15/2049 (a)
|
5,100,000
|
4,758,743
|
|
Series 2017-C34, Class D, 2.70%, 11/15/2052 (c)
|
1,489,000
|
1,157,044
|
|
Series 2017-C34, Class C, 4.17%, 11/15/2052 (a)
|
595,000
|
533,652
|
|
Morgan Stanley Capital I Trust
|
|
|
|
Series 2016-UBS9, Class B, 4.54%, 3/15/2049 (a)
|
5,000,000
|
4,874,900
|
|
Series 2017-H1, Class D, 2.55%, 6/15/2050 (c)
|
3,771,000
|
3,325,196
|
|
Series 2018-H3, Class D, 3.00%, 7/15/2051 (c)
|
7,191,000
|
5,990,767
|
|
Series 2018-L1, Class D, 3.00%, 10/15/2051 (c)
|
690,000
|
572,915
|
|
Series 2019-L2, Class C, 4.97%, 3/15/2052 (a)
|
5,565,000
|
4,827,355
|
|
Series 2020-L4, Class D, 2.50%, 2/15/2053 (c)
|
500,000
|
369,390
|
|
MRCD MARK Mortgage Trust Series 2019-PARK, Class E, 2.72%, 12/15/2036 (c)
|
400,000
|
270,800
|
|
MSWF Commercial Mortgage Trust Series 2023-2, Class A5, 6.01%, 12/15/2056 (a)
|
10,750,000
|
11,387,005
|
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
|
Series 2019-01, Class M10, 6.98%, 10/25/2049 (a) (c)
|
18,830,210
|
19,013,693
|
|
Series 2020-01, Class M10, 7.48%, 3/25/2050 (a) (c)
|
25,638,717
|
26,017,972
|
|
Series 2023-01, Class M7, 7.61%, 11/25/2053 (a) (c)
|
2,310,731
|
2,378,524
|
|
Series 2023-01, Class M10, 10.11%, 11/25/2053 (a) (c)
|
22,985,000
|
26,255,602
|
|
Series 2024-01, Class M7, 6.36%, 7/25/2054 (a) (c)
|
326,654
|
330,077
|
|
Series 2024-01, Class M10, 7.46%, 7/25/2054 (a) (c)
|
300,000
|
309,472
|
|
Series 2025-01, Class M1, 6.01%, 5/25/2055 (a) (c)
|
8,991,718
|
9,116,587
|
|
Series 2025-01, Class M2, 6.71%, 5/25/2055 (a) (c)
|
3,600,000
|
3,635,096
|
|
Series 2025-01, Class B1, 8.81%, 5/25/2055 (a) (c)
|
6,200,000
|
6,483,699
|
|
PRET LLC Series 2025-NPL5, Class A1, 6.24%, 5/25/2055 (c) (d)
|
5,040,981
|
5,045,619
|
|
PRM5 Trust
|
|
|
|
Series 2025-PRM5, Class C, 5.00%, 3/10/2033 (a) (c)
|
1,590,000
|
1,578,046
|
|
Series 2025-PRM5, Class D, 5.62%, 3/10/2033 (a) (c)
|
1,530,000
|
1,517,106
|
|
RFT TRUST
|
|
|
|
Series 2024-2, Class A1, 7.11%, 9/27/2028 (c) (d)
|
2,922,544
|
2,902,872
|
|
Series 2024-2, Class A2, 8.81%, 9/27/2028 (c) (d)
|
2,922,544
|
2,900,297
|
|
ROCK Trust
|
|
|
|
Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (c)
|
5,486,012
|
5,563,246
|
|
Series 2024-CNTR, Class D, 7.11%, 11/13/2041 (c)
|
11,115,000
|
11,554,513
|
|
Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (c)
|
20,400,000
|
21,261,488
|
|
SDR Commercial Mortgage Trust
|
|
|
|
Series 2024-DSNY, Class A, 5.02%, 5/15/2039 (a) (c)
|
2,125,000
|
2,127,656
|
|
Series 2024-DSNY, Class B, 5.37%, 5/15/2039 (a) (c)
|
4,575,000
|
4,580,719
|
|
SHR Trust Series 2024-LXRY, Class B, 6.08%, 10/15/2041 (a) (c)
|
2,000,000
|
2,001,248
|
|
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c)
|
6,300,000
|
5,615,803
|
|
TPG Trust Series 2024-WLSC, Class A, 5.76%, 11/15/2029 (a) (c)
|
2,000,000
|
1,992,933
|
|
UBS Commercial Mortgage Trust
|
|
|
|
Series 2017-C5, Class C, 4.46%, 11/15/2050 (a)
|
1,200,000
|
1,123,045
|
|
Series 2017-C6, Class C, 4.71%, 12/15/2050 (a)
|
7,137,000
|
6,066,454
|
|
Series 2018-C9, Class B, 4.57%, 3/15/2051 (a)
|
7,205,000
|
5,275,878
|
|
Series 2018-C10, Class D, 3.00%, 5/15/2051 (c)
|
11,459,000
|
9,253,751
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Commercial Mortgage-Backed Securities — continued
|
||
|
Series 2018-C11, Class C, 4.85%, 6/15/2051 (a)
|
2,143,000
|
1,966,576
|
|
Series 2018-C12, Class C, 5.00%, 8/15/2051 (a)
|
2,090,000
|
1,532,395
|
|
Series 2018-C13, Class C, 4.96%, 10/15/2051 (a)
|
4,120,000
|
3,714,482
|
|
Series 2019-C16, Class D, 5.01%, 4/15/2052 (a) (c)
|
5,120,000
|
4,255,606
|
|
Velocity Commercial Capital Loan Trust
|
|
|
|
Series 2018-1, Class A, 3.59%, 4/25/2048 (c)
|
12,624
|
12,539
|
|
Series 2022-3, Class A, 5.22%, 6/25/2052 (a) (c)
|
179,505
|
176,528
|
|
Series 2022-4, Class A, 5.63%, 8/25/2052 (a) (c)
|
346,507
|
343,531
|
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
Series 2024-1CHI, Class A, 5.31%, 7/15/2035 (a) (c)
|
1,000,000
|
1,002,697
|
|
Series 2024-1CHI, Class B, 5.74%, 7/15/2035 (a) (c)
|
500,000
|
500,887
|
|
Series 2015-C29, Class D, 4.12%, 6/15/2048 (a)
|
290,189
|
281,338
|
|
Series 2016-C35, Class D, 3.14%, 7/15/2048 (c)
|
2,500,000
|
2,387,032
|
|
Series 2017-C38, Class D, 3.00%, 7/15/2050 (c)
|
5,000,000
|
4,070,184
|
|
Series 2017-C39, Class A5, 3.42%, 9/15/2050
|
4,330,000
|
4,255,248
|
|
Series 2018-C44, Class D, 3.00%, 5/15/2051 (c)
|
13,021,000
|
10,209,722
|
|
Series 2018-C44, Class A5, 4.21%, 5/15/2051
|
1,000,000
|
988,638
|
|
Series 2018-C44, Class AS, 4.46%, 5/15/2051
|
1,000,000
|
987,469
|
|
Series 2018-C45, Class D, 3.00%, 6/15/2051 (c)
|
2,750,000
|
2,382,980
|
|
Series 2018-C46, Class D, 3.00%, 8/15/2051 (c)
|
1,500,000
|
1,278,651
|
|
Series 2019-C51, Class C, 4.29%, 6/15/2052 (a)
|
5,910,000
|
4,794,340
|
|
Series 2022-C62, Class C, 4.34%, 4/15/2055 (a)
|
100,000
|
83,212
|
|
Series 2024-5C1, Class A3, 5.93%, 7/15/2057
|
1,800,000
|
1,853,663
|
|
Series 2015-NXS2, Class B, 3.85%, 7/15/2058 (a)
|
3,500,000
|
3,422,268
|
|
WFRBS Commercial Mortgage Trust
|
|
|
|
Series 2014-C21, Class D, 3.50%, 8/15/2047 (c)
|
7,250,000
|
6,166,777
|
|
Series 2014-C21, Class C, 4.23%, 8/15/2047 (a)
|
2,150,000
|
2,069,353
|
|
Series 2014-C22, Class C, 3.61%, 9/15/2057 (a)
|
420,000
|
350,713
|
|
Series 2014-C22, Class B, 4.37%, 9/15/2057 (a)
|
100,000
|
93,063
|
|
WHARF Commercial Mortgage Trust Series 2025-DC, Class A, 5.35%, 7/15/2040 (a) (c)
|
1,776,000
|
1,800,015
|
|
Total Commercial Mortgage-Backed Securities
(Cost $1,684,104,698)
|
|
1,693,243,696
|
|
Corporate Bonds — 15.7%
|
||
|
Aerospace & Defense — 0.3%
|
||
|
ATI, Inc.
|
||
|
5.88%, 12/1/2027
|
375,000
|
375,635
|
|
4.88%, 10/1/2029
|
25,000
|
24,723
|
|
7.25%, 8/15/2030
|
450,000
|
467,204
|
|
Axon Enterprise, Inc.
|
||
|
6.13%, 3/15/2030 (c)
|
871,000
|
887,789
|
|
6.25%, 3/15/2033 (c)
|
953,000
|
976,874
|
|
Bombardier, Inc. (Canada)
|
||
|
8.75%, 11/15/2030 (c)
|
1,710,000
|
1,812,956
|
|
7.25%, 7/1/2031 (c)
|
1,496,000
|
1,571,904
|
|
7.00%, 6/1/2032 (c)
|
1,305,000
|
1,359,152
|
|
6.75%, 6/15/2033 (c)
|
1,131,000
|
1,177,995
|
|
BWX Technologies, Inc. 4.13%, 6/30/2028 (c)
|
750,000
|
736,211
|
|
Carpenter Technology Corp. 5.63%, 3/1/2034 (c)
|
306,000
|
304,014
|
|
Goat Holdco LLC 6.75%, 2/1/2032 (c)
|
468,000
|
476,248
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Aerospace & Defense — continued
|
||
|
TransDigm, Inc.
|
||
|
6.38%, 3/1/2029 (c)
|
9,679,000
|
9,869,048
|
|
6.63%, 3/1/2032 (c)
|
3,041,000
|
3,127,769
|
|
6.25%, 1/31/2034 (c)
|
605,000
|
619,220
|
|
|
|
23,786,742
|
|
Automobile Components — 0.4%
|
||
|
Adient Global Holdings Ltd.
|
||
|
7.00%, 4/15/2028 (c)
|
570,000
|
579,613
|
|
8.25%, 4/15/2031 (c)
|
1,200,000
|
1,251,408
|
|
7.50%, 2/15/2033 (c)
|
2,364,000
|
2,451,846
|
|
Allison Transmission, Inc.
|
||
|
4.75%, 10/1/2027 (c)
|
300,000
|
299,881
|
|
5.88%, 6/1/2029 (c)
|
3,525,000
|
3,559,520
|
|
3.75%, 1/30/2031 (c)
|
4,405,000
|
4,126,028
|
|
5.88%, 12/1/2033 (c)
|
563,000
|
564,576
|
|
American Axle & Manufacturing, Inc.
|
||
|
6.88%, 7/1/2028
|
374,000
|
375,515
|
|
5.00%, 10/1/2029
|
1,630,000
|
1,594,922
|
|
Clarios Global LP
|
||
|
6.75%, 5/15/2028 (c)
|
525,000
|
534,653
|
|
6.75%, 2/15/2030 (c)
|
1,466,000
|
1,515,478
|
|
6.75%, 9/15/2032 (c)
|
2,976,000
|
3,048,466
|
|
Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (c)
|
5,649,000
|
5,712,551
|
|
Cyprium Corp. 6.13%, 4/15/2031 (c)
|
855,000
|
855,294
|
|
Dana, Inc. 4.25%, 9/1/2030
|
204,000
|
193,911
|
|
Dexko Global, Inc. 7.50%, 4/15/2032 (c)
|
82,400
|
71,259
|
|
Forvia SE (France) 6.75%, 9/15/2033 (c)
|
412,000
|
414,659
|
|
Goodyear Tire & Rubber Co. (The)
|
||
|
5.00%, 7/15/2029
|
5,579,000
|
5,328,454
|
|
6.63%, 7/15/2030
|
495,000
|
484,032
|
|
5.25%, 7/15/2031
|
510,000
|
452,721
|
|
IHO Verwaltungs GmbH (Germany)
|
||
|
7.75% (Cash), 11/15/2030 (c) (f)
|
2,241,000
|
2,316,981
|
|
8.00% (Cash), 11/15/2032 (c) (f)
|
400,000
|
417,492
|
|
7.37% (Cash), 5/15/2033 (c) (f)
|
447,272
|
460,264
|
|
ZF North America Capital, Inc. (Germany) 6.75%, 4/23/2030 (c)
|
2,888,000
|
2,875,386
|
|
|
|
39,484,910
|
|
Banks — 0.8%
|
||
|
Banco del Estado de Chile (Chile) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 3.23%), 7.95%,
5/2/2029 (g) (h) (i) (j) (k)
|
400,000
|
425,380
|
|
Banco Mercantil del Norte SA (Mexico)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (g) (h) (i) (j) (k)
|
2,200,000
|
2,190,650
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.30%), 8.75%, 5/20/2035 (g) (h) (i) (j) (k)
|
1,800,000
|
1,897,200
|
|
Banco Nacional de Comercio Exterior SNC (Mexico) (US Treasury Yield Curve Rate T Note
Constant Maturity 5 Year +
1.96%), 6.00%, 5/14/2036 (c) (k)
|
1,101,000
|
1,092,742
|
|
Banco Santander SA (Spain)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (g) (h) (i) (k)
|
3,800,000
|
4,143,562
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.54%, 3/14/2030 (k)
|
1,400,000
|
1,427,159
|
|
Bank of America Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
+ 2.35%), 6.25%,
7/26/2030 (h) (i) (k)
|
11,203,000
|
11,369,810
|
|
Bank of Nova Scotia (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 4.39%), 8.63%,
10/27/2082 (g) (k)
|
600,000
|
626,646
|
|
BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (Mexico)
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (g) (j) (k)
|
1,100,000
|
1,076,746
|
|
BNP Paribas SA (France) (SOFR + 1.59%), 5.50%, 5/20/2030 (c) (k)
|
580,000
|
591,914
|
|
BPCE SA (France) 5.13%, 1/18/2028 (c)
|
725,000
|
732,837
|
|
Citigroup, Inc.
|
||
|
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%),
7.13%, 8/15/2029 (h) (i) (k)
|
3,990,000
|
4,074,245
|
|
Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%),
6.75%, 2/15/2030 (h) (i) (k)
|
1,580,000
|
1,595,040
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.63%, 2/15/2031 (h) (i) (k)
|
2,084,000
|
2,115,623
|
|
Eldik Bank OAO (Kyrgyzstan) 8.50%, 4/23/2031 (c)
|
1,099,000
|
1,097,077
|
|
HSBC Holdings plc (United Kingdom)
|
||
|
(SOFR + 3.35%), 7.39%, 11/3/2028 (k)
|
290,000
|
301,114
|
|
(SOFR + 1.46%), 5.55%, 3/4/2030 (k)
|
1,410,000
|
1,439,586
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (g) (h) (i) (k)
|
4,288,000
|
4,012,618
|
|
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 3.15%),
6.75%, 9/27/2031 (g) (h) (i) (k)
|
4,287,000
|
4,384,743
|
|
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 3.75%),
8.13%, 11/10/2033 (g) (h) (i) (k)
|
1,710,000
|
1,870,299
|
|
Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.60%), 6.53%, 1/10/2029 (k)
|
720,000
|
741,048
|
|
TC Ziraat Bankasi A/S (Turkey)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.62%), 8.38%, 11/5/2030 (c) (g) (h) (i) (k)
|
3,950,000
|
3,871,632
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.62%), 8.38%, 11/5/2030 (g) (h) (i) (j) (k)
|
1,400,000
|
1,372,224
|
|
Wells Fargo & Co.
|
||
|
(SOFR + 1.07%), 5.71%, 4/22/2028 (k)
|
4,620,000
|
4,672,653
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (h) (i) (k)
|
9,807,000
|
10,163,367
|
|
Series GG, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.34%),
6.13%, 6/15/2031 (h) (i) (k)
|
8,290,000
|
8,356,826
|
|
|
|
75,642,741
|
|
Biotechnology — 0.0% ^
|
||
|
Grifols SA (Spain) 4.75%, 10/15/2028 (c)
|
400,000
|
393,726
|
|
Broadline Retail — 0.0% ^
|
||
|
Nordstrom, Inc. 4.25%, 8/1/2031
|
640,000
|
590,307
|
|
Shutterfly Finance LLC
|
||
|
8.50% (Cash), 10/1/2027 (c) (f)
|
205,391
|
204,042
|
|
9.75%, 10/1/2027 (c)
|
22,913
|
22,913
|
|
Wayfair LLC
|
||
|
7.25%, 10/31/2029 (c)
|
820,000
|
843,701
|
|
7.75%, 9/15/2030 (c)
|
1,943,000
|
2,022,679
|
|
7.13%, 5/31/2034 (c)
|
446,000
|
454,448
|
|
|
|
4,138,090
|
|
Building Products — 0.5%
|
||
|
Builders FirstSource, Inc.
|
||
|
5.00%, 3/1/2030 (c)
|
1,175,000
|
1,145,103
|
|
6.38%, 6/15/2032 (c)
|
3,825,000
|
3,860,470
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Building Products — continued
|
||
|
6.38%, 3/1/2034 (c)
|
1,160,000
|
1,159,011
|
|
6.75%, 5/15/2035 (c)
|
926,000
|
935,223
|
|
EMRLD Borrower LP 6.63%, 12/15/2030 (c)
|
7,954,000
|
8,131,798
|
|
Griffon Corp. 5.75%, 3/1/2028
|
85,000
|
84,981
|
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (c)
|
200,000
|
164,335
|
|
JH North America Holdings, Inc.
|
||
|
5.88%, 1/31/2031 (c)
|
294,000
|
293,887
|
|
6.13%, 7/31/2032 (c)
|
457,000
|
458,077
|
|
Masterbrand, Inc. 7.00%, 7/15/2032 (c)
|
2,515,000
|
2,510,325
|
|
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (c)
|
2,744,000
|
2,698,063
|
|
MIWD Holdco II LLC 5.50%, 2/1/2030 (c)
|
1,145,000
|
1,069,736
|
|
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (c)
|
5,876,000
|
5,983,319
|
|
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (c)
|
4,585,000
|
4,833,312
|
|
Standard Building Solutions, Inc.
|
||
|
6.25%, 8/1/2033 (c)
|
2,434,000
|
2,437,683
|
|
5.88%, 3/15/2034 (c)
|
745,000
|
726,377
|
|
Standard Industries, Inc.
|
||
|
4.75%, 1/15/2028 (c)
|
8,040,000
|
8,001,086
|
|
4.38%, 7/15/2030 (c)
|
2,085,000
|
1,985,776
|
|
|
|
46,478,562
|
|
Capital Markets — 0.2%
|
||
|
Deutsche Bank AG (Germany) (SOFR + 1.70%), 5.00%, 9/11/2030 (k)
|
4,300,000
|
4,321,737
|
|
Goldman Sachs Group, Inc. (The)
|
||
|
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%),
7.50%, 2/10/2029 (h) (i) (k)
|
390,000
|
410,365
|
|
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%),
7.50%, 5/10/2029 (h) (i) (k)
|
4,271,000
|
4,479,672
|
|
Series Y, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 2.40%),
6.13%, 11/10/2034 (h) (i) (k)
|
950,000
|
955,807
|
|
Nasdaq, Inc. 5.35%, 6/28/2028
|
724,000
|
736,439
|
|
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 2.61%), 6.70%,
3/15/2029 (h) (i) (k)
|
1,130,000
|
1,161,847
|
|
UBS Group AG (Switzerland)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (c) (g) (h) (i) (k)
|
3,895,000
|
4,213,672
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (c) (g) (h) (i) (k)
|
1,472,000
|
1,699,495
|
|
|
|
17,979,034
|
|
Chemicals — 0.7%
|
||
|
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (c)
|
1,350,000
|
1,405,577
|
|
Axalta Coating Systems LLC
|
||
|
4.75%, 6/15/2027 (c)
|
1,195,000
|
1,192,590
|
|
3.38%, 2/15/2029 (c)
|
5,335,000
|
5,092,577
|
|
Bond US Bidco 1, Inc. 7.13%, 6/15/2033 (c)
|
539,000
|
543,214
|
|
Braskem Netherlands Finance BV (Brazil)
|
||
|
4.50%, 1/31/2030 (j)
|
900,000
|
553,500
|
|
7.25%, 2/13/2033 (c)
|
800,000
|
460,000
|
|
Celanese US Holdings LLC
|
||
|
1.40%, 8/5/2026
|
240,000
|
238,291
|
|
7.00%, 2/15/2031
|
787,000
|
815,671
|
|
7.70%, 11/15/2033 (d)
|
1,040,000
|
1,116,865
|
|
7.38%, 2/15/2034
|
5,828,000
|
6,087,037
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Chemicals — continued
|
||
|
Chemours Co. (The)
|
||
|
5.75%, 11/15/2028 (c)
|
2,413,000
|
2,408,686
|
|
4.63%, 11/15/2029 (c)
|
830,000
|
796,547
|
|
7.88%, 3/15/2034 (c)
|
841,000
|
853,062
|
|
Element Solutions, Inc. 3.88%, 9/1/2028 (c)
|
740,000
|
719,708
|
|
INEOS Finance plc (Luxembourg)
|
||
|
6.75%, 5/15/2028 (c)
|
1,350,000
|
1,358,328
|
|
7.50%, 4/15/2029 (c)
|
3,440,000
|
3,423,036
|
|
INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (c)
|
400,000
|
381,800
|
|
NOVA Chemicals Corp. (Canada)
|
||
|
5.25%, 6/1/2027 (c)
|
6,415,000
|
6,434,232
|
|
8.50%, 11/15/2028 (c)
|
710,000
|
736,805
|
|
4.25%, 5/15/2029 (c)
|
365,000
|
356,331
|
|
9.00%, 2/15/2030 (c)
|
976,000
|
1,027,888
|
|
OCP SA (Morocco)
|
||
|
6.70%, 3/1/2036 (c)
|
1,260,000
|
1,307,124
|
|
5.13%, 6/23/2051 (j)
|
800,000
|
638,832
|
|
7.50%, 5/2/2054 (c)
|
1,500,000
|
1,606,920
|
|
Scotts Miracle-Gro Co. (The)
|
||
|
5.25%, 12/15/2026
|
520,000
|
519,263
|
|
4.50%, 10/15/2029
|
9,090,000
|
8,860,710
|
|
4.00%, 4/1/2031
|
1,045,000
|
972,176
|
|
Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (c)
|
3,139,000
|
3,103,410
|
|
Trinseo Luxco Finance SPV SARL 7.63%, 5/3/2029 (c) (e)
|
192,072
|
19
|
|
WR Grace Holdings LLC
|
||
|
5.63%, 8/15/2029 (c)
|
5,125,000
|
4,908,299
|
|
6.63%, 8/15/2032 (c)
|
1,971,000
|
1,955,789
|
|
7.00%, 8/1/2033 (c)
|
403,000
|
399,764
|
|
|
|
60,274,051
|
|
Commercial Services & Supplies — 0.7%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (c)
|
1,305,000
|
1,201,210
|
|
ADT Security Corp. (The)
|
||
|
4.13%, 8/1/2029 (c)
|
3,410,000
|
3,274,969
|
|
4.88%, 7/15/2032 (c)
|
180,000
|
170,444
|
|
Allied Universal Holdco LLC 4.63%, 6/1/2028 (c)
|
2,350,000
|
2,315,030
|
|
Aramark Services, Inc. 5.00%, 2/1/2028 (c)
|
5,150,000
|
5,141,874
|
|
Brink's Co. (The) 4.63%, 10/15/2027 (c)
|
624,000
|
620,835
|
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (c)
|
4,770,000
|
4,613,155
|
|
Clean Harbors, Inc. 5.75%, 10/15/2033 (c)
|
1,166,000
|
1,171,857
|
|
CoreCivic, Inc. 8.25%, 4/15/2029
|
660,000
|
688,019
|
|
Garda World Security Corp. (Canada)
|
||
|
6.50%, 1/15/2031 (c)
|
1,243,000
|
1,264,295
|
|
8.38%, 11/15/2032 (c)
|
1,007,000
|
1,043,359
|
|
GFL Environmental, Inc.
|
||
|
4.00%, 8/1/2028 (c)
|
3,010,000
|
2,943,519
|
|
4.38%, 8/15/2029 (c)
|
820,000
|
798,503
|
|
6.75%, 1/15/2031 (c)
|
3,162,000
|
3,264,857
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
Jonah
|
||
|
12.00%, 6/1/2029 ‡
|
14,226,175
|
14,226,175
|
|
12.50%, 3/21/2033 ‡
|
5,600,000
|
5,600,000
|
|
Madison IAQ LLC
|
||
|
4.13%, 6/30/2028 (c)
|
7,355,000
|
7,263,167
|
|
5.88%, 6/30/2029 (c)
|
1,140,000
|
1,139,864
|
|
Prime Security Services Borrower LLC 3.38%, 8/31/2027 (c)
|
4,670,000
|
4,578,996
|
|
Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (c)
|
1,981,000
|
1,942,424
|
|
Williams Scotsman, Inc.
|
||
|
6.63%, 4/15/2030 (c)
|
654,000
|
672,721
|
|
7.38%, 10/1/2031 (c)
|
740,000
|
772,682
|
|
|
|
64,707,955
|
|
Communications Equipment — 0.0% ^
|
||
|
Ciena Corp. 4.00%, 1/31/2030 (c)
|
150,000
|
143,970
|
|
Construction & Engineering — 0.0% ^
|
||
|
AECOM 6.00%, 8/1/2033 (c)
|
2,672,000
|
2,676,144
|
|
Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (j)
|
379,003
|
316,553
|
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (c)
|
90,000
|
88,414
|
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (c)
|
775,000
|
773,851
|
|
Granite Construction, Inc. 6.38%, 6/15/2034 (b) (c)
|
531,000
|
541,891
|
|
|
|
4,396,853
|
|
Construction Materials — 0.0% ^
|
||
|
Knife River Corp. 7.75%, 5/1/2031 (c)
|
925,000
|
960,331
|
|
Consumer Finance — 0.3%
|
||
|
AerCap Ireland Capital DAC (Ireland)
|
||
|
6.10%, 1/15/2027
|
335,000
|
338,131
|
|
3.00%, 10/29/2028
|
810,000
|
780,432
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.95%, 3/10/2055 (k)
|
460,000
|
476,804
|
|
Avolon Holdings Funding Ltd. (Ireland)
|
||
|
6.38%, 5/4/2028 (c)
|
365,000
|
375,140
|
|
5.75%, 3/1/2029 (c)
|
2,060,000
|
2,104,105
|
|
Ford Motor Credit Co. LLC
|
||
|
4.13%, 8/17/2027
|
3,140,000
|
3,115,677
|
|
6.80%, 11/7/2028
|
1,500,000
|
1,554,906
|
|
7.20%, 6/10/2030
|
700,000
|
742,148
|
|
5.73%, 9/5/2030
|
3,665,000
|
3,706,961
|
|
4.00%, 11/13/2030
|
1,000,000
|
944,788
|
|
6.05%, 3/5/2031
|
3,080,000
|
3,150,785
|
|
5.75%, 4/6/2033
|
4,850,000
|
4,838,564
|
|
6.47%, 5/22/2036
|
995,000
|
1,020,661
|
|
OneMain Finance Corp. 3.88%, 9/15/2028
|
3,055,000
|
2,955,668
|
|
|
|
26,104,770
|
|
Consumer Staples Distribution & Retail — 0.2%
|
||
|
Albertsons Cos., Inc.
|
||
|
3.50%, 3/15/2029 (c)
|
2,060,000
|
1,965,366
|
|
4.88%, 2/15/2030 (c)
|
1,180,000
|
1,149,233
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Consumer Staples Distribution & Retail — continued
|
||
|
5.50%, 3/31/2031 (c)
|
370,000
|
364,322
|
|
5.63%, 3/31/2032 (c)
|
1,950,000
|
1,903,824
|
|
Performance Food Group, Inc.
|
||
|
4.25%, 8/1/2029 (c)
|
4,235,000
|
4,103,125
|
|
5.63%, 3/1/2034 (c)
|
776,000
|
758,300
|
|
US Foods, Inc.
|
||
|
6.88%, 9/15/2028 (c)
|
540,000
|
553,146
|
|
4.75%, 2/15/2029 (c)
|
4,679,000
|
4,614,764
|
|
4.63%, 6/1/2030 (c)
|
1,206,000
|
1,172,289
|
|
|
|
16,584,369
|
|
Containers & Packaging — 0.1%
|
||
|
Ardagh Group SA
|
||
|
9.50%, 12/1/2030 (c)
|
881,000
|
940,613
|
|
12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (c) (f)
|
1,420,000
|
1,272,332
|
|
Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (c)
|
3,737,000
|
3,592,012
|
|
Mauser Packaging Solutions Holding Co.
|
||
|
7.88%, 4/15/2030 (c)
|
6,265,000
|
6,327,756
|
|
9.25%, 4/15/2030 (c)
|
535,000
|
512,612
|
|
TriMas Corp. 4.13%, 4/15/2029 (c)
|
65,000
|
62,443
|
|
|
|
12,707,768
|
|
Distributors — 0.0% ^
|
||
|
RB Global Holdings, Inc. (Canada)
|
||
|
6.75%, 3/15/2028 (c)
|
835,000
|
847,998
|
|
7.75%, 3/15/2031 (c)
|
1,304,000
|
1,355,852
|
|
|
|
2,203,850
|
|
Diversified — 0.1%
|
||
|
Ygrene Frn 8.50%, 7/25/2045 ‡ (c)
|
6,878,835
|
6,913,229
|
|
Diversified Consumer Services — 0.1%
|
||
|
Service Corp. International 3.38%, 8/15/2030
|
6,395,000
|
5,945,982
|
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (c)
|
1,524,000
|
1,576,318
|
|
|
|
7,522,300
|
|
Diversified Telecommunication Services — 1.0%
|
||
|
Altice France SA (France)
|
||
|
9.50%, 11/1/2029 (c)
|
314,878
|
320,116
|
|
6.50%, 4/15/2032 (c)
|
190,549
|
185,438
|
|
6.88%, 7/15/2032 (c)
|
314,879
|
307,429
|
|
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (c)
|
1,631,000
|
1,643,939
|
|
CCO Holdings LLC
|
||
|
5.38%, 6/1/2029 (c)
|
2,820,000
|
2,768,175
|
|
6.38%, 9/1/2029 (c)
|
2,875,000
|
2,888,418
|
|
4.75%, 3/1/2030 (c)
|
16,146,000
|
15,259,394
|
|
4.50%, 8/15/2030 (c)
|
13,482,000
|
12,547,141
|
|
4.25%, 2/1/2031 (c)
|
8,369,000
|
7,577,302
|
|
7.38%, 3/1/2031 (c)
|
5,035,000
|
5,106,283
|
|
4.50%, 5/1/2032
|
3,830,000
|
3,360,570
|
|
Cipher Compute LLC 7.13%, 11/15/2030 (c)
|
1,719,000
|
1,791,974
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Diversified Telecommunication Services — continued
|
||
|
Connect Holding II LLC 10.50%, 4/3/2031 (c)
|
2,135,000
|
2,173,968
|
|
Edged Compute LLC 7.50%, 4/30/2031 (c)
|
1,165,000
|
1,168,008
|
|
Fibercop SpA (Italy) 6.00%, 9/30/2034 (c)
|
200,000
|
192,183
|
|
Flash Compute LLC 7.25%, 12/31/2030 (c)
|
1,247,000
|
1,285,573
|
|
GCI LLC 4.75%, 10/15/2028 (c)
|
2,518,000
|
2,429,955
|
|
Level 3 Financing, Inc.
|
||
|
6.88%, 6/30/2033 (c)
|
4,886,000
|
5,032,736
|
|
7.00%, 3/31/2034 (c)
|
1,779,581
|
1,844,512
|
|
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (c)
|
5,483,000
|
5,511,194
|
|
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (c)
|
4,128,000
|
4,133,655
|
|
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (c)
|
815,000
|
804,769
|
|
Verizon Communications, Inc.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.04%), 6.20%, 5/14/2056 (k)
|
3,305,000
|
3,354,797
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.81%), 6.05%, 5/14/2058 (k)
|
2,992,000
|
3,030,585
|
|
WULF Compute LLC 7.75%, 10/15/2030 (c)
|
4,120,000
|
4,329,131
|
|
|
|
89,047,245
|
|
Electric Utilities — 0.6%
|
||
|
Axia Energia SA (Brazil) 6.50%, 1/11/2035 (c)
|
890,000
|
899,425
|
|
Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador) 8.65%, 1/24/2033 (c)
|
2,229,000
|
2,362,740
|
|
Comision Federal de Electricidad (Mexico) 6.50%, 1/28/2051 (c)
|
738,000
|
716,856
|
|
EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (j)
|
594,213
|
550,330
|
|
Entergy Corp.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (k)
|
4,306,000
|
4,465,240
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.18%), 5.88%, 6/15/2056 (k)
|
2,960,000
|
2,971,227
|
|
Eskom Holdings (South Africa) 8.45%, 8/10/2028 (j)
|
1,700,000
|
1,790,355
|
|
EUSHI Finance, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
+ 2.51%), 6.25%, 4/1/2056 (k)
|
4,281,000
|
4,250,790
|
|
Generadora de Gatun SA (Panama) 6.87%, 9/30/2044 (c)
|
1,635,000
|
1,667,242
|
|
Instituto Costarricense de Electricidad (Costa Rica)
|
||
|
6.75%, 10/7/2031 (c)
|
1,000,000
|
1,039,900
|
|
6.38%, 5/15/2043 (j)
|
2,700,000
|
2,646,945
|
|
NextEra Energy Capital Holdings, Inc.
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (k)
|
680,000
|
700,333
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (k)
|
1,344,000
|
1,375,806
|
|
NRG Energy, Inc.
|
||
|
5.75%, 1/15/2028
|
4,545,000
|
4,551,081
|
|
5.25%, 6/15/2029 (c)
|
675,000
|
671,577
|
|
3.63%, 2/15/2031 (c)
|
2,480,000
|
2,300,064
|
|
6.00%, 2/1/2033 (c)
|
1,461,000
|
1,472,047
|
|
5.75%, 1/15/2034 (c)
|
1,219,000
|
1,205,752
|
|
5.88%, 5/15/2034 (c)
|
1,097,000
|
1,090,102
|
|
6.00%, 1/15/2036 (c)
|
1,219,000
|
1,210,860
|
|
6.13%, 5/15/2036 (c)
|
316,000
|
315,314
|
|
Tierra Mojada Luxembourg II SARL (Mexico) 5.75%, 12/1/2040 (j)
|
1,686,843
|
1,645,198
|
|
Trinidad Generation UnLtd (Trinidad And Tobago) 7.75%, 6/16/2033 (c)
|
596,000
|
630,270
|
|
Vistra Operations Co. LLC
|
||
|
5.00%, 7/31/2027 (c)
|
5,328,000
|
5,324,662
|
|
7.75%, 10/15/2031 (c)
|
835,000
|
875,283
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Electric Utilities — continued
|
||
|
6.88%, 4/15/2032 (c)
|
1,445,000
|
1,503,436
|
|
VoltaGrid LLC 7.38%, 11/1/2030 (c)
|
2,358,000
|
2,455,409
|
|
|
|
50,688,244
|
|
Electrical Equipment — 0.0% ^
|
||
|
Regal Rexnord Corp. 6.40%, 4/15/2033
|
97,000
|
102,794
|
|
Solaris Energy Infrastructure LLC 6.38%, 5/15/2031 (c)
|
987,000
|
1,002,444
|
|
|
|
1,105,238
|
|
Electronic Equipment, Instruments & Components — 0.3%
|
||
|
Coherent Corp. 5.00%, 12/15/2029 (c)
|
4,732,000
|
4,683,747
|
|
Ingram Micro, Inc. 4.75%, 5/15/2029 (c)
|
9,895,000
|
9,725,411
|
|
Sensata Technologies, Inc.
|
||
|
3.75%, 2/15/2031 (c)
|
10,015,000
|
9,392,829
|
|
6.63%, 7/15/2032 (c)
|
1,600,000
|
1,657,074
|
|
|
|
25,459,061
|
|
Energy Equipment & Services — 0.1%
|
||
|
Archrock Partners LP 6.63%, 9/1/2032 (c)
|
1,294,000
|
1,324,719
|
|
Archrock Services LP 6.00%, 2/1/2034 (c)
|
395,000
|
395,152
|
|
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (c)
|
275,000
|
289,282
|
|
Kodiak Gas Services LLC
|
||
|
5.88%, 4/1/2031 (c)
|
450,000
|
452,742
|
|
6.50%, 10/1/2033 (c)
|
540,000
|
549,552
|
|
Transocean International Ltd.
|
||
|
8.25%, 5/15/2029 (c)
|
1,441,000
|
1,496,540
|
|
8.75%, 2/15/2030 (c)
|
322,000
|
337,372
|
|
Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (c)
|
1,389,188
|
1,528,593
|
|
|
|
6,373,952
|
|
Entertainment — 0.2%
|
||
|
Cinemark USA, Inc. 7.00%, 8/1/2032 (c)
|
1,112,000
|
1,150,984
|
|
Discovery Global Holdings, Inc.
|
||
|
3.76%, 3/15/2027
|
228,000
|
226,386
|
|
4.28%, 3/15/2032
|
1,985,000
|
1,791,462
|
|
5.05%, 3/15/2042
|
780,000
|
570,375
|
|
Live Nation Entertainment, Inc.
|
||
|
6.50%, 5/15/2027 (c)
|
2,995,000
|
2,998,283
|
|
4.75%, 10/15/2027 (c)
|
7,260,000
|
7,232,395
|
|
3.75%, 1/15/2028 (c)
|
225,000
|
220,578
|
|
|
|
14,190,463
|
|
Financial Services — 0.9%
|
||
|
BAML RCAP (United Kingdom) 8.00%, 10/26/2029 ‡
|
2,000,000
|
1,997,500
|
|
BCAP LLC (United Kingdom) 0.00%, 9/19/2027 ‡
|
7,376,516
|
7,376,516
|
|
BCAP LLC Trust 0.00%, 9/17/2027 ‡
|
6,761,806
|
6,761,806
|
|
Block, Inc.
|
||
|
5.63%, 8/15/2030 (c)
|
2,942,000
|
2,954,106
|
|
6.50%, 5/15/2032
|
4,166,000
|
4,245,087
|
|
6.00%, 8/15/2033 (c)
|
456,000
|
456,115
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Financial Services — continued
|
||
|
CFIN 2022-RTL1 Issuer LLC
|
||
|
Class A, 0.00%, 8/17/2027 ‡
|
4,165,717
|
4,160,510
|
|
Class B-1, 0.00%, 8/17/2027 ‡
|
6,345,864
|
6,337,932
|
|
Commercial Credit, Inc. Series QIB, 8.75%, 8/30/2030 (c)
|
4,000,000
|
4,024,594
|
|
Gemini 10.50%, 2/20/2029 ‡
|
5,000,000
|
5,000,000
|
|
ION Platform Finance US, Inc. 7.88%, 9/30/2032 (c)
|
982,000
|
760,506
|
|
NCR Atleos Corp. 9.50%, 4/1/2029 (c)
|
3,454,000
|
3,692,782
|
|
NGF Holdings LLC 9.63%, 12/23/2029
|
15,000,000
|
15,080,250
|
|
Rocket Cos., Inc.
|
||
|
6.13%, 8/1/2030 (c)
|
2,180,000
|
2,213,393
|
|
6.38%, 8/1/2033 (c)
|
1,183,000
|
1,201,338
|
|
Rocket Mortgage LLC
|
||
|
2.88%, 10/15/2026 (c)
|
565,000
|
560,438
|
|
3.63%, 3/1/2029 (c)
|
4,983,000
|
4,791,387
|
|
Shift4 Payments LLC 6.75%, 8/15/2032 (c)
|
3,127,000
|
3,124,178
|
|
STReAM 2008 BV (Netherlands) 0.00%, 2/15/2030 ‡
|
2,549,761
|
2,613,505
|
|
Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡
|
2,590,673
|
2,590,673
|
|
|
|
79,942,616
|
|
Food Products — 0.2%
|
||
|
Grupo Nutresa SA (Colombia) 9.00%, 5/12/2035 (c)
|
1,500,000
|
1,645,200
|
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (c)
|
5,580,000
|
5,330,532
|
|
Post Holdings, Inc.
|
||
|
4.63%, 4/15/2030 (c)
|
7,010,000
|
6,819,409
|
|
6.25%, 2/15/2032 (c)
|
2,601,000
|
2,642,327
|
|
|
|
16,437,468
|
|
Gas Utilities — 0.0% ^
|
||
|
AmeriGas Partners LP
|
||
|
9.38%, 6/1/2028 (c)
|
682,000
|
698,668
|
|
9.50%, 6/1/2030 (c)
|
739,000
|
794,815
|
|
6.88%, 6/1/2031 (c)
|
793,000
|
810,598
|
|
|
|
2,304,081
|
|
Ground Transportation — 0.2%
|
||
|
Avis Budget Car Rental LLC
|
||
|
5.75%, 7/15/2027 (c)
|
372,000
|
372,097
|
|
4.75%, 4/1/2028 (c)
|
4,970,000
|
4,897,342
|
|
8.00%, 2/15/2031 (c)
|
2,940,000
|
2,960,580
|
|
8.38%, 6/15/2032 (c)
|
1,465,000
|
1,495,933
|
|
First Student Bidco, Inc. 4.00%, 7/31/2029 (c)
|
180,000
|
174,104
|
|
Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (c)
|
1,025,000
|
1,040,443
|
|
Hertz Corp. (The)
|
||
|
4.63%, 12/1/2026 (c)
|
83,000
|
78,402
|
|
12.63%, 7/15/2029 (c)
|
1,874,000
|
1,706,900
|
|
5.00%, 12/1/2029 (c)
|
3,245,000
|
1,439,287
|
|
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (c)
|
105,000
|
104,543
|
|
Transnet (South Africa)
|
||
|
8.25%, 2/6/2028 (c)
|
1,200,000
|
1,248,000
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Ground Transportation — continued
|
||
|
8.25%, 2/6/2028 (j)
|
800,000
|
832,000
|
|
XPO, Inc. 6.25%, 6/1/2028 (c)
|
425,000
|
430,318
|
|
|
|
16,779,949
|
|
Health Care Equipment & Supplies — 0.2%
|
||
|
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (c)
|
200,000
|
192,797
|
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (c)
|
10,650,000
|
10,528,628
|
|
Bausch + Lomb Corp. 8.38%, 10/1/2028 (c)
|
515,000
|
531,737
|
|
Medline Borrower LP
|
||
|
3.88%, 4/1/2029 (c)
|
5,670,000
|
5,518,056
|
|
6.25%, 4/1/2029 (c)
|
623,000
|
639,410
|
|
5.25%, 10/1/2029 (c)
|
4,655,000
|
4,647,022
|
|
|
|
22,057,650
|
|
Health Care Providers & Services — 0.4%
|
||
|
Accendra Health, Inc. 4.50%, 3/31/2029 (c)
|
1,228,000
|
967,872
|
|
Community Health Systems, Inc.
|
||
|
6.00%, 1/15/2029 (c)
|
2,165,000
|
2,143,350
|
|
5.25%, 5/15/2030 (c)
|
1,900,000
|
1,790,460
|
|
4.75%, 2/15/2031 (c)
|
538,000
|
494,665
|
|
10.88%, 1/15/2032 (c)
|
759,000
|
817,816
|
|
DaVita, Inc.
|
||
|
4.63%, 6/1/2030 (c)
|
460,000
|
446,974
|
|
3.75%, 2/15/2031 (c)
|
825,000
|
767,081
|
|
Encompass Health Corp.
|
||
|
4.50%, 2/1/2028
|
2,955,000
|
2,942,095
|
|
4.75%, 2/1/2030
|
3,415,000
|
3,359,893
|
|
4.63%, 4/1/2031
|
1,485,000
|
1,437,194
|
|
Global Medical Response, Inc. 7.38%, 10/1/2032 (c)
|
1,252,000
|
1,300,866
|
|
Molina Healthcare, Inc. 6.50%, 2/15/2031 (c)
|
688,000
|
697,661
|
|
Radiology Partners, Inc. 8.50%, 7/15/2032 (c)
|
3,327,000
|
3,410,175
|
|
Tenet Healthcare Corp.
|
||
|
5.13%, 11/1/2027
|
6,800,000
|
6,806,072
|
|
4.63%, 6/15/2028
|
6,370,000
|
6,327,957
|
|
6.13%, 6/15/2030
|
1,063,000
|
1,073,019
|
|
6.75%, 5/15/2031
|
1,934,000
|
1,991,486
|
|
|
|
36,774,636
|
|
Health Care Technology — 0.1%
|
||
|
IQVIA, Inc.
|
||
|
5.00%, 10/15/2026 (c)
|
700,000
|
699,650
|
|
5.00%, 5/15/2027 (c)
|
4,655,000
|
4,652,760
|
|
6.25%, 6/1/2032 (c)
|
2,721,000
|
2,779,774
|
|
|
|
8,132,184
|
|
Hotel & Resort REITs — 0.1%
|
||
|
RHP Hotel Properties LP
|
||
|
7.25%, 7/15/2028 (c)
|
1,275,000
|
1,302,949
|
|
4.50%, 2/15/2029 (c)
|
680,000
|
667,759
|
|
6.50%, 4/1/2032 (c)
|
1,890,000
|
1,937,928
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotel & Resort REITs — continued
|
||
|
6.50%, 6/15/2033 (c)
|
1,048,000
|
1,077,993
|
|
5.75%, 3/15/2034 (c)
|
477,000
|
473,221
|
|
|
|
5,459,850
|
|
Hotels, Restaurants & Leisure — 0.8%
|
||
|
1011778 BC ULC (Canada)
|
||
|
3.88%, 1/15/2028 (c)
|
1,835,000
|
1,802,969
|
|
4.00%, 10/15/2030 (c)
|
1,465,000
|
1,388,346
|
|
Acushnet Co. 5.63%, 12/1/2033 (c)
|
480,000
|
476,247
|
|
Boyne USA, Inc. 4.75%, 5/15/2029 (c)
|
400,000
|
394,005
|
|
Caesars Entertainment, Inc.
|
||
|
7.00%, 2/15/2030 (c)
|
4,875,000
|
4,932,787
|
|
6.50%, 2/15/2032 (c)
|
921,000
|
897,946
|
|
Carnival Corp. Ltd.
|
||
|
5.75%, 8/1/2032 (c)
|
1,833,000
|
1,851,664
|
|
6.13%, 2/15/2033 (c)
|
5,981,000
|
6,057,484
|
|
Churchill Downs, Inc.
|
||
|
5.75%, 4/1/2030 (c)
|
1,398,000
|
1,398,075
|
|
6.75%, 5/1/2031 (c)
|
670,000
|
684,018
|
|
Hilton Domestic Operating Co., Inc.
|
||
|
3.75%, 5/1/2029 (c)
|
2,490,000
|
2,404,397
|
|
5.50%, 9/15/2031 (c)
|
748,000
|
752,334
|
|
5.88%, 3/15/2033 (c)
|
3,034,000
|
3,068,381
|
|
5.75%, 9/15/2033 (c)
|
2,373,000
|
2,394,015
|
|
5.50%, 3/31/2034 (c)
|
416,000
|
414,103
|
|
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
|
2,140,000
|
2,139,243
|
|
MGM Resorts International
|
||
|
4.63%, 9/1/2026
|
320,000
|
319,908
|
|
5.50%, 4/15/2027
|
295,000
|
295,292
|
|
6.13%, 9/15/2029
|
2,099,000
|
2,130,084
|
|
6.50%, 4/15/2032
|
2,005,000
|
2,043,201
|
|
NCL Corp. Ltd. 5.88%, 1/15/2031 (c)
|
712,000
|
688,068
|
|
Pioneer Opco LLC 7.00%, 5/15/2033 (c)
|
403,000
|
411,705
|
|
Rivers Enterprise Borrower LLC 6.25%, 10/15/2030 (c)
|
1,965,000
|
1,980,519
|
|
Royal Caribbean Cruises Ltd.
|
||
|
5.63%, 9/30/2031 (c)
|
720,000
|
726,318
|
|
6.25%, 3/15/2032 (c)
|
2,072,000
|
2,116,371
|
|
6.00%, 2/1/2033 (c)
|
585,000
|
593,059
|
|
Six Flags Entertainment Corp.
|
||
|
5.25%, 7/15/2029
|
2,410,000
|
2,334,644
|
|
8.63%, 1/15/2032 (c)
|
675,000
|
693,158
|
|
6.63%, 5/1/2032 (c)
|
2,699,000
|
2,758,027
|
|
Station Casinos LLC 4.50%, 2/15/2028 (c)
|
3,705,000
|
3,651,952
|
|
Vail Resorts, Inc. 6.50%, 5/15/2032 (c)
|
3,858,000
|
3,930,442
|
|
Viking Cruises Ltd. 5.88%, 10/15/2033 (c)
|
3,636,000
|
3,643,279
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Wynn Resorts Finance LLC
|
||
|
5.13%, 10/1/2029 (c)
|
12,065,000
|
11,974,859
|
|
6.25%, 3/15/2033 (c)
|
1,291,000
|
1,295,579
|
|
|
|
72,642,479
|
|
Household Durables — 0.2%
|
||
|
CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (c)
|
813,000
|
487,964
|
|
Installed Building Products, Inc. 5.63%, 2/1/2034 (c)
|
376,000
|
369,136
|
|
Newell Brands, Inc.
|
||
|
8.50%, 6/1/2028 (c)
|
1,207,000
|
1,260,286
|
|
6.38%, 5/15/2030
|
3,425,000
|
3,379,317
|
|
6.63%, 5/15/2032
|
1,857,000
|
1,806,570
|
|
7.37%, 4/1/2036 (d)
|
255,000
|
245,140
|
|
Somnigroup International, Inc. 4.00%, 4/15/2029 (c)
|
10,445,000
|
10,039,722
|
|
TopBuild Corp. 5.63%, 1/31/2034 (c)
|
1,234,000
|
1,245,972
|
|
|
|
18,834,107
|
|
Household Products — 0.1%
|
||
|
Central Garden & Pet Co.
|
||
|
5.13%, 2/1/2028
|
635,000
|
633,562
|
|
4.13%, 10/15/2030
|
1,700,000
|
1,608,186
|
|
Energizer Holdings, Inc.
|
||
|
4.75%, 6/15/2028 (c)
|
1,547,000
|
1,528,570
|
|
4.38%, 3/31/2029 (c)
|
3,537,000
|
3,404,594
|
|
Spectrum Brands, Inc. 3.88%, 3/15/2031 (c)
|
129,000
|
112,262
|
|
|
|
7,287,174
|
|
Independent Power and Renewable Electricity Producers — 0.2%
|
||
|
Constellation Energy Generation LLC 4.63%, 2/1/2029 (c)
|
1,240,000
|
1,233,712
|
|
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico) 7.25%, 1/31/2041 (c)
|
1,868,097
|
1,897,613
|
|
Saavi Energia SARL (Mexico) 8.88%, 2/10/2035 (c)
|
1,763,000
|
1,909,999
|
|
Talen Energy Supply LLC
|
||
|
6.13%, 5/1/2031 (c)
|
1,817,000
|
1,816,404
|
|
6.38%, 5/1/2033 (c)
|
2,731,000
|
2,720,355
|
|
6.25%, 2/1/2034 (c)
|
4,096,000
|
4,080,932
|
|
Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (c)
|
1,650,000
|
1,693,972
|
|
|
|
15,352,987
|
|
Insurance — 0.0% ^
|
||
|
Asurion LLC 8.00%, 12/31/2032 (c)
|
1,651,000
|
1,721,643
|
|
MetLife, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.82%),
5.85%, 3/15/2056 (k)
|
1,819,000
|
1,798,529
|
|
|
|
3,520,172
|
|
Interactive Media & Services — 0.0% ^
|
||
|
Snap, Inc. 6.88%, 3/1/2033 (c)
|
1,638,000
|
1,623,596
|
|
IT Services — 0.1%
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (c)
|
450,000
|
450,760
|
|
AP Core Holdings II LLC 11.00%, 5/15/2031 (c)
|
833,000
|
872,769
|
|
Conduent Business Services LLC 6.00%, 11/1/2029 (c)
|
720,000
|
620,249
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
IT Services — continued
|
||
|
CoreWeave, Inc.
|
||
|
9.25%, 6/1/2030 (c)
|
1,391,000
|
1,419,137
|
|
9.00%, 2/1/2031 (c)
|
1,698,000
|
1,721,635
|
|
|
|
5,084,550
|
|
Machinery — 0.1%
|
||
|
ATS Corp. (Canada) 4.13%, 12/15/2028 (c)
|
150,000
|
145,966
|
|
Chart Industries, Inc. 7.50%, 1/1/2030 (c)
|
2,165,000
|
2,241,334
|
|
Enpro, Inc. 6.13%, 6/1/2033 (c)
|
262,000
|
266,743
|
|
Esab Corp.
|
||
|
6.25%, 4/15/2029 (c)
|
350,000
|
356,320
|
|
5.63%, 4/1/2031 (c)
|
525,000
|
527,601
|
|
Lsf12 Helix Parent LLC 7.13%, 2/1/2033 (c)
|
490,000
|
480,157
|
|
Terex Corp.
|
||
|
5.00%, 5/15/2029 (c)
|
2,105,000
|
2,086,665
|
|
6.25%, 10/15/2032 (c)
|
2,045,000
|
2,076,330
|
|
|
|
8,181,116
|
|
Marine Transportation — 0.0% ^
|
||
|
MV24 Capital BV (Brazil) 6.75%, 6/1/2034 (j)
|
1,526,866
|
1,537,859
|
|
Yinson Bergenia Production BV (Brazil) 8.50%, 1/31/2045 (c)
|
1,303,431
|
1,394,671
|
|
|
|
2,932,530
|
|
Media — 1.1%
|
||
|
Charter Communications Operating LLC
|
||
|
2.25%, 1/15/2029
|
1,545,000
|
1,442,946
|
|
6.10%, 6/1/2029
|
1,790,000
|
1,841,712
|
|
2.80%, 4/1/2031
|
2,500,000
|
2,233,724
|
|
6.65%, 2/1/2034
|
50,000
|
51,625
|
|
5.38%, 4/1/2038
|
100,000
|
89,117
|
|
Clear Channel Outdoor Holdings, Inc.
|
||
|
7.75%, 4/15/2028 (c)
|
1,347,000
|
1,349,884
|
|
7.13%, 2/15/2031 (c)
|
5,194,000
|
5,368,975
|
|
7.50%, 3/15/2033 (c)
|
2,223,000
|
2,332,427
|
|
CSC Holdings LLC
|
||
|
5.38%, 2/1/2028 (c)
|
300,000
|
190,398
|
|
6.50%, 2/1/2029 (c)
|
3,060,000
|
1,798,141
|
|
Directv Financing LLC 5.88%, 8/15/2027 (c)
|
235,000
|
235,636
|
|
DISH DBS Corp.
|
||
|
7.75%, 7/1/2026
|
2,335,000
|
2,323,341
|
|
5.25%, 12/1/2026 (c)
|
2,799,000
|
2,788,512
|
|
5.75%, 12/1/2028 (c)
|
2,235,000
|
2,193,305
|
|
DISH Network Corp. 11.75%, 11/15/2027 (c)
|
4,608,000
|
4,747,991
|
|
EchoStar Corp.
|
||
|
10.75%, 11/30/2029
|
2,290,000
|
2,488,635
|
|
6.75% (Cash), 11/30/2030 (f)
|
1,272,681
|
1,299,961
|
|
Gray Media, Inc.
|
||
|
10.50%, 7/15/2029 (c)
|
3,932,000
|
4,162,517
|
|
4.75%, 10/15/2030 (c)
|
3,559,000
|
2,696,123
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
5.38%, 11/15/2031 (c)
|
3,713,000
|
2,664,375
|
|
7.25%, 8/15/2033 (c)
|
2,489,000
|
2,467,164
|
|
iHeartCommunications, Inc.
|
||
|
9.13%, 5/1/2029 (c)
|
3,518,000
|
3,410,009
|
|
7.75%, 8/15/2030 (c)
|
1,406,050
|
1,291,134
|
|
Lamar Media Corp. 4.88%, 1/15/2029
|
2,395,000
|
2,376,102
|
|
Midcontinent Communications 8.00%, 8/15/2032 (c)
|
443,000
|
418,372
|
|
Neptune Bidco US, Inc. 9.50%, 2/15/2033 (c)
|
1,059,000
|
1,083,306
|
|
Nexstar Media, Inc.
|
||
|
4.75%, 11/1/2028 (c)
|
1,660,000
|
1,634,079
|
|
6.50%, 9/15/2033 (c)
|
6,580,000
|
6,632,429
|
|
7.25%, 4/15/2034 (c)
|
4,423,000
|
4,450,834
|
|
Outfront Media Capital LLC
|
||
|
4.25%, 1/15/2029 (c)
|
4,690,000
|
4,577,226
|
|
7.38%, 2/15/2031 (c)
|
615,000
|
641,396
|
|
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (c)
|
2,880,000
|
2,959,200
|
|
Sirius XM Radio LLC
|
||
|
5.00%, 8/1/2027 (c)
|
2,763,000
|
2,758,856
|
|
4.00%, 7/15/2028 (c)
|
6,965,000
|
6,784,974
|
|
5.50%, 7/1/2029 (c)
|
6,740,000
|
6,713,637
|
|
5.88%, 4/15/2032 (c)
|
1,505,000
|
1,498,086
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (c)
|
4,580,000
|
4,457,684
|
|
Univision Communications, Inc.
|
||
|
7.38%, 6/30/2030 (c)
|
1,095,000
|
1,090,356
|
|
9.38%, 8/1/2032 (c)
|
967,000
|
990,206
|
|
8.88%, 4/15/2033 (c)
|
763,000
|
760,090
|
|
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (c)
|
200,000
|
173,642
|
|
|
|
99,468,127
|
|
Metals & Mining — 0.2%
|
||
|
Alcoa Nederland Holding BV 7.13%, 3/15/2031 (c)
|
2,355,000
|
2,458,097
|
|
Alumina Pty. Ltd.
|
||
|
6.13%, 3/15/2030 (c)
|
1,240,000
|
1,267,513
|
|
6.38%, 9/15/2032 (c)
|
1,385,000
|
1,421,050
|
|
Big River Steel LLC 6.63%, 1/31/2029 (c)
|
55,000
|
54,986
|
|
Cleveland-Cliffs, Inc.
|
||
|
7.50%, 9/15/2031 (c)
|
1,014,000
|
1,046,857
|
|
7.00%, 3/15/2032 (c)
|
872,000
|
881,556
|
|
7.63%, 1/15/2034 (c)
|
2,522,000
|
2,595,489
|
|
Commercial Metals Co. 5.75%, 11/15/2033 (c)
|
821,000
|
821,618
|
|
Compass Minerals International, Inc. 8.00%, 7/1/2030 (c)
|
335,000
|
353,112
|
|
Novelis Corp.
|
||
|
4.75%, 1/30/2030 (c)
|
6,434,000
|
6,197,615
|
|
6.88%, 1/30/2030 (c)
|
603,000
|
619,592
|
|
3.88%, 8/15/2031 (c)
|
1,641,000
|
1,492,547
|
|
6.38%, 8/15/2033 (c)
|
757,000
|
764,379
|
|
|
|
19,974,411
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
|
||
|
ReadyCap Holdings LLC Series QIB, 9.38%, 3/1/2028 (c)
|
5,000,000
|
4,949,105
|
|
Multi-Utilities — 0.2%
|
||
|
Dominion Energy, Inc.
|
||
|
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%),
4.35%, 1/15/2027 (h) (i) (k)
|
2,088,000
|
2,083,610
|
|
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%),
6.88%, 2/1/2055 (k)
|
2,880,000
|
2,986,333
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.26%), 6.00%, 2/15/2056 (k)
|
2,920,000
|
2,935,796
|
|
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%),
6.95%, 11/30/2054 (k)
|
1,590,000
|
1,651,267
|
|
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.38%,
4/1/2056 (k)
|
4,694,000
|
4,748,131
|
|
|
|
14,405,137
|
|
Oil, Gas & Consumable Fuels — 2.4%
|
||
|
AI Candelaria Spain SA (Colombia) 5.75%, 6/15/2033 (c)
|
500,000
|
448,570
|
|
Antero Midstream Partners LP
|
||
|
5.75%, 1/15/2028 (c)
|
5,435,000
|
5,436,576
|
|
5.38%, 6/15/2029 (c)
|
2,580,000
|
2,578,233
|
|
5.75%, 10/15/2033 (c)
|
1,041,000
|
1,030,064
|
|
Antero Resources Corp. 5.38%, 3/1/2030 (c)
|
880,000
|
887,743
|
|
Ascent Resources Utica Holdings LLC
|
||
|
6.63%, 10/15/2032 (c)
|
1,655,000
|
1,698,452
|
|
6.63%, 7/15/2033 (c)
|
987,000
|
1,011,386
|
|
Azule Energy Finance plc (Angola) 8.13%, 1/23/2030 (j)
|
200,000
|
204,250
|
|
Blue Racer Midstream LLC
|
||
|
7.00%, 7/15/2029 (c)
|
1,049,000
|
1,078,785
|
|
7.25%, 7/15/2032 (c)
|
1,097,000
|
1,140,378
|
|
BP Capital Markets plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
+ 4.40%), 4.88%,
3/22/2030 (h) (i) (k)
|
3,595,000
|
3,541,803
|
|
Buckeye Partners LP
|
||
|
3.95%, 12/1/2026
|
1,997,000
|
1,985,786
|
|
4.13%, 12/1/2027
|
405,000
|
399,231
|
|
4.50%, 3/1/2028 (c)
|
690,000
|
682,722
|
|
6.75%, 2/1/2030 (c)
|
1,811,000
|
1,875,495
|
|
Caturus Energy LLC 7.13%, 5/15/2031 (c)
|
519,000
|
518,353
|
|
Chord Energy Corp.
|
||
|
6.00%, 10/1/2030 (c)
|
1,744,000
|
1,765,716
|
|
6.75%, 3/15/2033 (c)
|
1,130,000
|
1,160,174
|
|
CNX Resources Corp. 5.88%, 3/1/2034 (c)
|
665,000
|
654,620
|
|
Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (c)
|
390,000
|
400,998
|
|
Comstock Resources, Inc.
|
||
|
6.75%, 3/1/2029 (c)
|
1,545,000
|
1,518,022
|
|
5.88%, 1/15/2030 (c)
|
7,730,000
|
7,305,776
|
|
Crescent Energy Finance LLC
|
||
|
9.75%, 10/15/2030 (c)
|
350,000
|
372,953
|
|
7.88%, 4/15/2032 (c)
|
1,876,000
|
1,922,802
|
|
7.38%, 1/15/2033 (c)
|
1,205,000
|
1,224,492
|
|
8.38%, 1/15/2034 (c)
|
1,049,000
|
1,100,359
|
|
Diversified Gas & Oil Corp.
|
||
|
9.75%, 4/9/2029 (c) (j)
|
11,250,000
|
11,388,960
|
|
Series FEB, 9.75%, 4/9/2029 (c) (j)
|
5,000,000
|
5,031,250
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Ecopetrol SA (Colombia)
|
||
|
4.63%, 11/2/2031
|
2,600,000
|
2,339,220
|
|
8.88%, 1/13/2033
|
2,280,000
|
2,408,820
|
|
8.38%, 1/19/2036
|
1,252,000
|
1,283,776
|
|
Enbridge, Inc. (Canada)
|
||
|
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%),
5.75%, 7/15/2080 (k)
|
2,030,000
|
2,047,886
|
|
Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%),
8.25%, 1/15/2084 (k)
|
305,000
|
322,400
|
|
Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year +
4.02%), 8.00%, 5/15/2054 (k)
|
1,870,000
|
1,989,457
|
|
Esentia Energy Development SAB de CV (Mexico) 6.50%, 7/30/2038 (c)
|
693,000
|
686,417
|
|
Expand Energy Corp. 5.38%, 3/15/2030
|
695,000
|
701,170
|
|
FS Luxembourg SARL (Brazil)
|
||
|
8.88%, 2/12/2031 (c)
|
1,405,000
|
1,447,150
|
|
8.63%, 6/25/2033 (c)
|
230,000
|
228,275
|
|
Genesis Energy LP
|
||
|
8.25%, 1/15/2029
|
287,000
|
297,840
|
|
7.88%, 5/15/2032
|
478,000
|
497,095
|
|
8.00%, 5/15/2033
|
348,000
|
365,008
|
|
6.75%, 3/15/2034
|
683,000
|
685,635
|
|
Greenko Wind Projects Mauritius Ltd. (India) 7.25%, 9/27/2028 (j)
|
394,000
|
398,287
|
|
Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (c)
|
1,245,000
|
1,277,400
|
|
Harvest Midstream I LP 6.75%, 5/15/2034 (c)
|
452,000
|
464,055
|
|
Hess Midstream Operations LP
|
||
|
5.88%, 3/1/2028 (c)
|
467,000
|
471,681
|
|
5.13%, 6/15/2028 (c)
|
450,000
|
449,185
|
|
4.25%, 2/15/2030 (c)
|
1,580,000
|
1,531,376
|
|
Hilcorp Energy I LP 6.25%, 4/15/2032 (c)
|
1,484,000
|
1,461,358
|
|
Howard Midstream Energy Partners LLC
|
||
|
7.38%, 7/15/2032 (c)
|
935,000
|
966,477
|
|
6.63%, 1/15/2034 (c)
|
2,217,000
|
2,243,076
|
|
Infinity Natural Resources LLC 7.63%, 4/1/2031 (c)
|
413,000
|
417,192
|
|
Kinetik Holdings LP 5.88%, 6/15/2030 (c)
|
4,940,000
|
4,964,738
|
|
Matador Resources Co.
|
||
|
6.25%, 4/15/2033 (c)
|
3,612,000
|
3,631,942
|
|
6.00%, 4/15/2034 (c)
|
673,000
|
664,968
|
|
NGL Energy Operating LLC
|
||
|
8.13%, 2/15/2029 (c)
|
1,691,000
|
1,757,037
|
|
8.38%, 2/15/2032 (c)
|
1,219,000
|
1,280,788
|
|
NuStar Logistics LP
|
||
|
5.63%, 4/28/2027
|
1,180,000
|
1,183,590
|
|
6.38%, 10/1/2030
|
2,490,000
|
2,585,367
|
|
Permian Resources Operating LLC
|
||
|
5.88%, 7/1/2029 (c)
|
1,390,000
|
1,391,430
|
|
9.88%, 7/15/2031 (c)
|
1,673,000
|
1,765,403
|
|
6.25%, 2/1/2033 (c)
|
1,321,000
|
1,357,176
|
|
Peru LNG Srl (Peru) 5.38%, 3/22/2030 (j)
|
3,667,400
|
3,557,378
|
|
Petroleos del Peru SA (Peru)
|
||
|
4.75%, 6/19/2032 (j)
|
500,000
|
422,240
|
|
5.63%, 6/19/2047 (c)
|
1,600,000
|
1,160,000
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Petroleos Mexicanos (Mexico)
|
||
|
8.75%, 6/2/2029
|
2,000,000
|
2,150,500
|
|
5.95%, 1/28/2031
|
2,630,000
|
2,596,231
|
|
6.70%, 2/16/2032
|
8,390,000
|
8,448,730
|
|
10.00%, 2/7/2033
|
4,650,000
|
5,461,425
|
|
6.38%, 1/23/2045
|
2,410,000
|
2,016,905
|
|
6.75%, 9/21/2047
|
8,500,000
|
7,155,980
|
|
7.69%, 1/23/2050
|
18,150,000
|
16,616,870
|
|
6.95%, 1/28/2060
|
2,000,000
|
1,659,200
|
|
Range Resources Corp. 4.75%, 2/15/2030 (c)
|
718,000
|
702,645
|
|
Rockies Express Pipeline LLC
|
||
|
4.80%, 5/15/2030 (c)
|
150,000
|
146,974
|
|
6.75%, 3/15/2033 (c)
|
1,403,000
|
1,458,848
|
|
SM Energy Co.
|
||
|
6.75%, 9/15/2026
|
960,000
|
960,000
|
|
6.63%, 1/15/2027
|
1,730,000
|
1,732,201
|
|
6.50%, 7/15/2028
|
480,000
|
480,670
|
|
6.75%, 8/1/2029 (c)
|
1,408,000
|
1,443,601
|
|
8.63%, 11/1/2030 (c)
|
4,995,000
|
5,280,742
|
|
8.75%, 7/1/2031 (c)
|
2,392,000
|
2,504,020
|
|
7.00%, 8/1/2032 (c)
|
1,204,000
|
1,233,397
|
|
9.63%, 6/15/2033 (c)
|
737,000
|
820,324
|
|
6.63%, 4/15/2034 (c)
|
967,000
|
972,247
|
|
Sonangol Finance Ltd. (Angola) 10.00%, 1/29/2031 (c)
|
1,270,000
|
1,308,316
|
|
South Bow USA Infrastructure Holdings LLC (Canada) 4.91%, 9/1/2027
|
595,000
|
597,211
|
|
Sunoco LP
|
||
|
7.00%, 5/1/2029 (c)
|
1,060,000
|
1,094,297
|
|
4.50%, 5/15/2029
|
2,845,000
|
2,788,098
|
|
4.50%, 4/30/2030
|
2,460,000
|
2,389,912
|
|
5.63%, 3/15/2031 (c)
|
1,845,000
|
1,847,325
|
|
5.38%, 7/15/2031 (c)
|
794,000
|
790,133
|
|
Tallgrass Energy Partners LP
|
||
|
5.50%, 1/15/2028 (c)
|
2,830,000
|
2,829,733
|
|
6.00%, 12/31/2030 (c)
|
2,675,000
|
2,691,540
|
|
6.00%, 9/1/2031 (c)
|
815,000
|
815,156
|
|
6.75%, 3/15/2034 (c)
|
1,615,000
|
1,650,167
|
|
TransCanada PipeLines Ltd. (Canada)
|
||
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 6.13%, 10/17/2056 (k)
|
1,669,000
|
1,681,291
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.12%), 6.38%, 10/17/2056 (k)
|
1,834,000
|
1,852,067
|
|
Transcanada Trust (Canada)
|
||
|
(3-MONTH CME TERM SOFR + 4.42%), 5.50%, 9/15/2079 (k)
|
1,796,000
|
1,787,008
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.99%), 5.60%, 3/7/2082 (k)
|
3,396,000
|
3,362,135
|
|
Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028 (c)
|
1,900,000
|
1,847,750
|
|
Venture Global Calcasieu Pass LLC
|
||
|
4.13%, 8/15/2031 (c)
|
1,010,000
|
947,782
|
|
3.88%, 11/1/2033 (c)
|
1,945,000
|
1,733,809
|
|
6.00%, 5/1/2036 (c)
|
273,000
|
276,070
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Venture Global LNG, Inc.
|
||
|
8.13%, 6/1/2028 (c)
|
1,934,000
|
1,976,991
|
|
9.50%, 2/1/2029 (c)
|
1,457,000
|
1,586,301
|
|
9.88%, 2/1/2032 (c)
|
4,015,000
|
4,292,901
|
|
Venture Global Plaquemines LNG LLC
|
||
|
6.13%, 12/15/2030 (c)
|
1,133,000
|
1,163,770
|
|
6.50%, 1/15/2034 (c)
|
3,692,000
|
3,860,008
|
|
6.50%, 6/15/2034 (c)
|
797,000
|
831,764
|
|
6.75%, 1/15/2036 (c)
|
1,465,000
|
1,553,817
|
|
|
|
220,463,104
|
|
Passenger Airlines — 0.1%
|
||
|
American Airlines, Inc. 5.75%, 4/20/2029 (c)
|
6,340,000
|
6,332,962
|
|
JetBlue Airways Corp. 9.88%, 9/20/2031 (c)
|
3,932,000
|
3,616,817
|
|
United Airlines Holdings, Inc. 4.88%, 3/1/2029
|
895,000
|
883,157
|
|
|
|
10,832,936
|
|
Personal Care Products — 0.1%
|
||
|
Edgewell Personal Care Co. 5.50%, 6/1/2028 (c)
|
9,630,000
|
9,595,881
|
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (c)
|
1,270,000
|
1,265,486
|
|
|
|
10,861,367
|
|
Pharmaceuticals — 0.2%
|
||
|
1261229 BC Ltd. 10.00%, 4/15/2032 (c)
|
2,441,000
|
2,499,138
|
|
Bausch Health Cos., Inc. (Canada)
|
||
|
4.88%, 6/1/2028 (c)
|
3,635,000
|
3,361,212
|
|
5.00%, 2/15/2029 (c)
|
350,000
|
242,305
|
|
Elanco Animal Health, Inc. 6.40%, 8/28/2028 (d)
|
445,000
|
456,596
|
|
Endo Finance Holdings LP 8.50%, 4/15/2031 (c)
|
1,039,000
|
1,107,383
|
|
Organon & Co.
|
||
|
4.13%, 4/30/2028 (c)
|
4,295,000
|
4,242,582
|
|
5.13%, 4/30/2031 (c)
|
2,990,000
|
2,963,715
|
|
|
|
14,872,931
|
|
Professional Services — 0.0% ^
|
||
|
Science Applications International Corp. 5.88%, 11/1/2033 (c)
|
1,365,000
|
1,347,786
|
|
TriNet Group, Inc. 7.13%, 8/15/2031 (c)
|
150,000
|
150,943
|
|
|
|
1,498,729
|
|
Real Estate Management & Development — 0.1%
|
||
|
Anywhere Real Estate Group LLC
|
||
|
5.75%, 1/15/2029 (c)
|
1,018,000
|
1,004,525
|
|
5.25%, 4/15/2030 (c)
|
1,180,000
|
1,133,419
|
|
9.75%, 4/15/2030 (c)
|
1,363,000
|
1,468,304
|
|
Triad Properties Corp. 0.00%, 4/1/2052 ‡
|
5,773,381
|
5,975,450
|
|
|
|
9,581,698
|
|
Semiconductors & Semiconductor Equipment — 0.2%
|
||
|
Amkor Technology, Inc. 5.88%, 10/1/2033 (c)
|
1,892,000
|
1,900,679
|
|
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (c)
|
291,000
|
308,824
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Semiconductors & Semiconductor Equipment — continued
|
||
|
Entegris, Inc.
|
||
|
4.38%, 4/15/2028 (c)
|
765,000
|
754,303
|
|
4.75%, 4/15/2029 (c)
|
3,405,000
|
3,382,629
|
|
5.95%, 6/15/2030 (c)
|
4,250,000
|
4,293,860
|
|
Kioxia Holdings Corp. (Japan)
|
||
|
6.25%, 7/24/2030 (c)
|
2,589,000
|
2,665,609
|
|
6.63%, 7/24/2033 (c)
|
990,000
|
1,037,923
|
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (c)
|
1,735,000
|
1,692,761
|
|
Qnity Electronics, Inc.
|
||
|
5.75%, 8/15/2032 (c)
|
2,827,000
|
2,845,412
|
|
6.25%, 8/15/2033 (c)
|
1,385,000
|
1,412,318
|
|
|
|
20,294,318
|
|
Software — 0.2%
|
||
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (c)
|
3,860,000
|
3,720,844
|
|
Fair Isaac Corp. 6.00%, 5/15/2033 (c)
|
607,000
|
601,113
|
|
NCR Voyix Corp. 5.13%, 4/15/2029 (c)
|
4,199,000
|
4,111,248
|
|
OAK-Eagle Acquireco, Inc.
|
||
|
7.25%, 7/1/2033 (c)
|
1,942,000
|
2,025,208
|
|
8.75%, 7/1/2034 (c)
|
1,287,000
|
1,360,165
|
|
RingCentral, Inc. 8.50%, 8/15/2030 (c)
|
1,350,000
|
1,415,580
|
|
SS&C Technologies, Inc.
|
||
|
5.50%, 9/30/2027 (c)
|
6,713,000
|
6,713,524
|
|
6.50%, 6/1/2032 (c)
|
660,000
|
665,877
|
|
|
|
20,613,559
|
|
Specialized REITs — 0.0% ^
|
||
|
Iron Mountain, Inc.
|
||
|
5.00%, 7/15/2028 (c)
|
580,000
|
578,432
|
|
5.25%, 7/15/2030 (c)
|
950,000
|
939,732
|
|
6.25%, 1/15/2033 (c)
|
113,000
|
114,756
|
|
Millrose Properties, Inc.
|
||
|
6.38%, 8/1/2030 (c)
|
1,578,000
|
1,599,728
|
|
6.25%, 9/15/2032 (c)
|
773,000
|
776,489
|
|
|
|
4,009,137
|
|
Specialty Retail — 0.3%
|
||
|
Asbury Automotive Group, Inc.
|
||
|
4.50%, 3/1/2028
|
440,000
|
436,937
|
|
4.63%, 11/15/2029 (c)
|
3,061,000
|
2,972,963
|
|
4.75%, 3/1/2030
|
1,073,000
|
1,044,051
|
|
Bath & Body Works, Inc.
|
||
|
7.50%, 6/15/2029
|
445,000
|
451,685
|
|
6.75%, 7/1/2036
|
115,000
|
113,479
|
|
Escrow Rite Aid 0.00%, 12/31/2049 ‡ (e)
|
36,352
|
—
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (c)
|
2,070,000
|
1,937,812
|
|
Lithia Motors, Inc.
|
||
|
3.88%, 6/1/2029 (c)
|
4,870,000
|
4,667,761
|
|
5.50%, 10/1/2030 (c)
|
632,000
|
626,615
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Specialty Retail — continued
|
||
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
354,000
|
339,280
|
|
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (c)
|
447,000
|
447,754
|
|
PetSmart LLC 7.50%, 9/15/2032 (c)
|
2,825,000
|
2,846,549
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (c)
|
7,983,000
|
7,825,064
|
|
Staples, Inc. 10.75%, 9/1/2029 (c)
|
2,860,000
|
2,720,951
|
|
|
|
26,430,901
|
|
Technology Hardware, Storage & Peripherals — 0.0% ^
|
||
|
Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (c)
|
441,000
|
461,363
|
|
Seagate Data Storage Technology Pte. Ltd.
|
||
|
4.09%, 6/1/2029 (c)
|
895,000
|
877,197
|
|
8.25%, 12/15/2029 (c)
|
850,000
|
885,810
|
|
8.50%, 7/15/2031 (c)
|
642,000
|
671,272
|
|
Xerox Corp. 10.25%, 10/15/2030 (c)
|
505,000
|
442,078
|
|
Xerox Holdings Corp.
|
||
|
5.50%, 8/15/2028 (c)
|
930,000
|
539,400
|
|
8.88%, 11/30/2029 (c)
|
648,000
|
291,600
|
|
|
|
4,168,720
|
|
Trading Companies & Distributors — 0.3%
|
||
|
EquipmentShare.com, Inc.
|
||
|
9.00%, 5/15/2028 (c)
|
5,169,000
|
5,363,287
|
|
8.63%, 5/15/2032 (c)
|
645,000
|
677,830
|
|
Herc Holdings, Inc. 7.00%, 6/15/2030 (c)
|
1,060,000
|
1,101,418
|
|
QXO Building Products, Inc. 6.75%, 4/30/2032 (c)
|
2,437,000
|
2,483,193
|
|
United Rentals North America, Inc.
|
||
|
4.88%, 1/15/2028
|
4,201,000
|
4,201,874
|
|
5.38%, 11/15/2033 (c)
|
1,536,000
|
1,516,790
|
|
6.13%, 3/15/2034 (c)
|
2,215,000
|
2,273,219
|
|
WESCO Distribution, Inc.
|
||
|
7.25%, 6/15/2028 (c)
|
1,580,000
|
1,582,814
|
|
6.38%, 3/15/2029 (c)
|
2,103,000
|
2,150,156
|
|
6.63%, 3/15/2032 (c)
|
1,425,000
|
1,469,947
|
|
6.38%, 3/15/2033 (c)
|
968,000
|
994,640
|
|
|
|
23,815,168
|
|
Wireless Telecommunication Services — 0.0% ^
|
||
|
Altice France Lux 3 (Luxembourg) 10.00%, 1/15/2033 (c)
|
80,000
|
77,999
|
|
Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (c)
|
445,000
|
469,883
|
|
Digicel International Finance Ltd. (Jamaica) 8.63%, 8/1/2032 (c)
|
3,309,000
|
3,432,757
|
|
|
|
3,980,639
|
|
Total Corporate Bonds
(Cost $1,418,755,828)
|
|
1,430,854,586
|
|
Asset-Backed Securities — 11.4%
|
||
|
AB BSL CLO Ltd. (Cayman Islands) Series 2020-1A, Class BR2, 5.32%, 10/15/2038 (a) (c)
|
4,915,000
|
4,924,368
|
|
ACHD Trust
|
|
|
|
Series 2025-DS1, Class A, 5.98%, 1/9/2034 (c)
|
1,714,819
|
1,717,252
|
|
Series 2025-DS1, Class B, 9.38%, 1/9/2034 (c)
|
2,100,000
|
2,125,377
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Affirm Asset Securitization Trust
|
|
|
|
Series 2024-B, Class A, 4.62%, 9/15/2029 (c)
|
5,630,000
|
5,638,912
|
|
Series 2024-B, Class C, 5.06%, 9/15/2029 (c)
|
2,000,000
|
2,001,042
|
|
Series 2024-B, Class D, 5.50%, 9/15/2029 (c)
|
2,078,000
|
2,079,611
|
|
Series 2025-X2, Class D, 5.23%, 10/15/2030 (c)
|
6,000,000
|
5,995,842
|
|
AIMCO CLO Ltd. (Cayman Islands) Series 2021-16A, Class BR, 5.33%, 7/17/2037 (a) (c)
|
1,808,000
|
1,810,958
|
|
American Airlines Pass-Through Trust Series 2021-1, Class B, 3.95%, 7/11/2030
|
34,250
|
32,856
|
|
American Credit Acceptance Receivables Trust
|
|
|
|
Series 2023-3, Class D, 6.82%, 10/12/2029 (c)
|
1,800,000
|
1,829,109
|
|
Series 2022-4, Class E, 10.00%, 1/14/2030 (c)
|
2,210,000
|
2,221,887
|
|
Series 2023-2, Class E, 9.79%, 2/12/2030 (c)
|
2,300,000
|
2,371,006
|
|
Series 2024-2, Class D, 6.53%, 4/12/2030 (c)
|
1,330,000
|
1,356,556
|
|
Series 2024-3, Class D, 6.04%, 7/12/2030 (c)
|
1,050,000
|
1,066,900
|
|
Series 2023-4, Class D, 7.65%, 9/12/2030 (c)
|
2,400,000
|
2,458,294
|
|
Series 2025-4, Class C, 4.83%, 1/13/2031 (c)
|
5,570,000
|
5,580,982
|
|
Series 2025-2, Class C, 5.11%, 4/14/2031 (c)
|
1,400,000
|
1,408,521
|
|
Series 2024-4, Class D, 5.34%, 8/12/2031 (c)
|
1,515,000
|
1,525,579
|
|
Series 2025-2, Class D, 5.50%, 8/12/2031 (c)
|
2,000,000
|
2,024,517
|
|
Series 2023-4, Class E, 9.79%, 8/12/2031 (c)
|
2,000,000
|
2,094,215
|
|
Series 2025-4, Class D, 5.25%, 9/12/2031 (c)
|
12,540,000
|
12,531,369
|
|
Series 2023-3, Class E, 9.54%, 10/14/2031 (c)
|
1,900,000
|
1,970,405
|
|
Series 2024-2, Class E, 7.87%, 11/12/2031 (c)
|
3,700,000
|
3,834,400
|
|
Series 2024-3, Class E, 7.92%, 3/12/2032 (c)
|
7,490,000
|
7,811,143
|
|
Series 2024-4, Class E, 7.19%, 4/12/2032 (c)
|
4,000,000
|
4,112,356
|
|
Series 2026-2, Class C, 4.85%, 5/10/2032 (c)
|
5,785,000
|
5,768,735
|
|
Series 2026-2, Class D, 5.18%, 6/8/2032 (c)
|
9,370,000
|
9,309,928
|
|
Series 2025-3, Class C, 4.95%, 7/12/2032 (c)
|
12,710,000
|
12,738,707
|
|
Series 2025-3, Class D, 5.19%, 7/12/2032 (c)
|
14,930,000
|
14,921,889
|
|
Series 2025-1, Class E, 7.39%, 12/13/2032 (c)
|
1,900,000
|
1,970,133
|
|
Series 2026-1, Class D, 5.10%, 1/12/2033 (c)
|
18,400,000
|
18,277,872
|
|
Series 2025-2, Class E, 7.66%, 2/14/2033 (c)
|
3,000,000
|
3,129,935
|
|
Series 2025-3, Class E, 6.77%, 6/13/2033 (c)
|
5,000,000
|
5,103,252
|
|
Series 2026-2, Class E, 6.90%, 2/8/2034 (c)
|
10,000,000
|
10,053,918
|
|
AMSR Trust Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (c)
|
4,200,000
|
4,039,896
|
|
Avis Budget Rental Car Funding AESOP LLC
|
|
|
|
Series 2023-1A, Class C, 6.23%, 4/20/2029 (c)
|
1,207,000
|
1,223,643
|
|
Series 2023-4A, Class C, 7.24%, 6/20/2029 (c)
|
2,700,000
|
2,787,047
|
|
Series 2023-6A, Class D, 7.37%, 12/20/2029 (c)
|
400,000
|
406,053
|
|
Series 2023-8A, Class D, 7.52%, 2/20/2030 (c)
|
1,000,000
|
1,004,957
|
|
Series 2024-1A, Class D, 7.20%, 6/20/2030 (c)
|
4,650,000
|
4,700,973
|
|
Series 2024-3A, Class B, 5.58%, 12/20/2030 (c)
|
403,000
|
407,270
|
|
Series 2024-3A, Class C, 6.11%, 12/20/2030 (c)
|
376,000
|
378,822
|
|
Bain Capital Credit CLO Ltd. (Jersey) Series 2023-3A, Class D2R, 7.72%, 10/24/2038 (a) (c)
|
6,000,000
|
5,903,316
|
|
Ballyrock CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2024-27A, Class A2, 5.27%, 10/25/2037 (a) (c)
|
2,000,000
|
2,003,446
|
|
Series 2021-17A, Class A2R, 5.28%, 10/20/2038 (a) (c)
|
8,965,000
|
8,982,338
|
|
Barings CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2022-3A, Class A2R, 5.27%, 10/20/2037 (a) (c)
|
3,000,000
|
3,005,604
|
|
Series 2023-3A, Class D2R, 7.57%, 10/15/2038 (a) (c)
|
2,170,000
|
2,148,187
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2023-4A, Class D1R, 6.15%, 1/20/2039 (a) (c)
|
3,090,000
|
3,094,966
|
|
Bayview Opportunity Master Fund LLC
|
|
|
|
Series 2024-CAR1, Class C, 5.11%, 12/26/2031 (a) (c)
|
78,746
|
79,003
|
|
Series 2024-CAR1, Class D, 5.66%, 12/26/2031 (a) (c)
|
71,801
|
72,236
|
|
BlueMountain CLO Ltd. (Cayman Islands) Series 2019-26A, Class CR, 6.14%, 10/20/2034 (a) (c)
|
1,000,000
|
1,001,397
|
|
Bridgecrest Lending Auto Securitization Trust
|
|
|
|
Series 2024-1, Class D, 6.03%, 11/15/2029
|
1,400,000
|
1,419,749
|
|
Series 2024-3, Class D, 5.83%, 5/15/2030
|
2,360,000
|
2,389,466
|
|
Series 2024-4, Class D, 5.23%, 8/15/2030
|
3,400,000
|
3,410,005
|
|
Series 2025-1, Class D, 5.64%, 11/15/2030
|
2,212,000
|
2,234,614
|
|
Series 2024-2, Class E, 8.21%, 1/15/2031 (c)
|
4,000,000
|
4,128,485
|
|
Series 2025-2, Class D, 5.62%, 3/17/2031
|
1,770,000
|
1,791,168
|
|
Series 2025-4, Class D, 5.41%, 8/15/2031
|
3,340,000
|
3,354,829
|
|
Series 2024-4, Class E, 7.47%, 8/15/2031 (c)
|
4,600,000
|
4,703,777
|
|
Series 2026-1, Class D, 4.99%, 11/17/2031
|
7,890,000
|
7,824,312
|
|
Series 2026-2, Class C, 4.88%, 2/17/2032
|
1,285,000
|
1,282,717
|
|
Series 2026-2, Class D, 5.19%, 2/17/2032
|
4,890,000
|
4,868,975
|
|
Series 2025-2, Class E, 7.74%, 6/15/2032 (c)
|
8,500,000
|
8,751,800
|
|
Series 2025-4, Class E, 7.18%, 11/15/2032 (c)
|
9,010,000
|
9,143,721
|
|
Series 2026-1, Class E, 6.63%, 2/15/2033 (c)
|
2,610,000
|
2,582,617
|
|
Series 2026-2, Class E, 7.17%, 5/16/2033 (c)
|
6,500,000
|
6,532,661
|
|
Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class CRR, 5.53%, 7/18/2034 (a) (c)
|
3,250,000
|
3,251,206
|
|
Business Jet Securities LLC
|
|
|
|
Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (c)
|
1,142,586
|
1,155,090
|
|
Series 2024-2A, Class C, 7.97%, 9/15/2039 ‡ (c)
|
595,739
|
591,546
|
|
CITI Asset Receivables Trust I Series 2025-1, Class CERT, 0.00%, 3/15/2031 ‡ (c) (e)
|
2,245,270
|
2,177,688
|
|
CoreVest American Finance Trust
|
|
|
|
Series 2019-1, Class E, 5.65%, 3/15/2052 (a) (c)
|
300,000
|
297,645
|
|
Series 2019-2, Class E, 5.12%, 6/15/2052 (a) (c)
|
350,000
|
324,222
|
|
Series 2019-3, Class E, 4.70%, 10/15/2052 (a) (c)
|
350,000
|
320,586
|
|
Credit Acceptance Auto Loan Trust
|
|
|
|
Series 2022-3A, Class D, 9.00%, 4/18/2033 (c)
|
170,553
|
170,787
|
|
Series 2023-3A, Class B, 7.09%, 10/17/2033 (c)
|
391,000
|
393,822
|
|
Series 2023-5A, Class B, 6.71%, 2/15/2034 (c)
|
1,467,000
|
1,484,594
|
|
Series 2024-1A, Class B, 6.03%, 5/15/2034 (c)
|
708,000
|
714,820
|
|
Series 2024-1A, Class C, 6.71%, 7/17/2034 (c)
|
930,000
|
945,022
|
|
Series 2024-3A, Class B, 4.85%, 11/15/2034 (c)
|
1,625,000
|
1,625,351
|
|
Series 2024-3A, Class C, 5.39%, 1/16/2035 (c)
|
1,000,000
|
1,004,351
|
|
Series 2025-2A, Class C, 5.38%, 3/17/2036 (c)
|
9,475,000
|
9,479,538
|
|
Series 2026-1A, Class C, 5.28%, 8/15/2036 (c)
|
4,350,000
|
4,321,988
|
|
DailyPay Securitization Trust Series 2025-1A, Class A, 5.63%, 6/26/2028 (c)
|
760,000
|
761,390
|
|
DB Master Finance LLC Series 2021-1A, Class A23, 2.79%, 11/20/2051 (c)
|
286,500
|
254,202
|
|
Dec
|
|
|
|
6.02%, 3/13/2030 ‡ (c)
|
8,000,000
|
8,000,000
|
|
6.91%, 1/15/2031 ‡ (c)
|
8,000,000
|
8,000,000
|
|
Diversified ABS Phase LLC Series 2024-1A, Class A2, 7.67%, 5/30/2044 (c)
|
1,582,133
|
1,591,816
|
|
Drive Auto Receivables Trust
|
|
|
|
Series 2024-2, Class C, 4.67%, 5/17/2032
|
907,000
|
910,852
|
|
Series 2024-2, Class D, 4.94%, 5/17/2032
|
950,000
|
955,924
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-1, Class D, 5.41%, 9/15/2032
|
2,200,000
|
2,214,840
|
|
Series 2025-2, Class D, 4.90%, 12/15/2032
|
8,600,000
|
8,540,270
|
|
Driven Brands Funding LLC
|
|
|
|
Series 2021-1A, Class A2, 2.79%, 10/20/2051 (c)
|
8,689,892
|
8,068,646
|
|
Series 2025-1A, Class A2, 5.30%, 10/20/2055 (c)
|
1,393,000
|
1,337,538
|
|
Dryden CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2018-64A, Class A, 4.91%, 4/18/2031 (a) (c)
|
186,818
|
186,786
|
|
Series 2019-68A, Class BRR, 5.22%, 7/15/2035 (a) (c)
|
1,700,000
|
1,701,700
|
|
DT Auto Owner Trust
|
|
|
|
Series 2022-1A, Class E, 5.53%, 3/15/2029 (c)
|
2,400,000
|
2,399,783
|
|
Series 2022-3A, Class E, 10.99%, 7/16/2029 (c)
|
3,000,000
|
3,097,975
|
|
EJ Hugoton
|
|
|
|
Series 2026-1 B, 10.29%, 10/10/2041 ‡
|
9,000,000
|
9,000,000
|
|
Series 2026-1 B, 14.50%, 10/10/2041 ‡
|
6,000,000
|
6,000,000
|
|
Series 2026-1 B, 14.10%, 12/15/2041 ‡
|
3,917,000
|
3,917,000
|
|
Elmwood CLO Ltd. (Cayman Islands) Series 2019-3A, Class BRR, 5.38%, 7/18/2037 (a) (c)
|
1,650,000
|
1,651,812
|
|
Exeter Automobile Receivables Trust
|
|
|
|
Series 2022-3A, Class D, 6.76%, 9/15/2028
|
226,805
|
228,679
|
|
Series 2022-4A, Class D, 5.98%, 12/15/2028
|
79,257
|
79,612
|
|
Series 2023-3A, Class D, 6.68%, 4/16/2029
|
954,000
|
968,464
|
|
Series 2023-1A, Class D, 6.69%, 6/15/2029
|
339,808
|
343,197
|
|
Series 2023-2A, Class D, 6.32%, 8/15/2029
|
500,000
|
506,551
|
|
Series 2022-1A, Class E, 5.02%, 10/15/2029 (c)
|
1,070,000
|
1,064,264
|
|
Series 2022-2A, Class E, 6.34%, 10/15/2029 (c)
|
3,007,000
|
2,923,599
|
|
Series 2023-1A, Class E, 12.07%, 9/16/2030 (c)
|
900,000
|
980,681
|
|
Series 2025-3A, Class D, 5.57%, 10/15/2031
|
3,530,000
|
3,560,337
|
|
Series 2025-4A, Class D, 5.23%, 1/15/2032
|
3,445,000
|
3,444,556
|
|
Series 2026-1A, Class D, 5.00%, 5/17/2032
|
10,140,000
|
10,034,303
|
|
Series 2026-2A, Class D, 5.51%, 8/16/2032
|
5,000,000
|
5,023,010
|
|
Series 2025-3A, Class E, 7.52%, 12/15/2032 (c)
|
6,226,000
|
6,351,016
|
|
Series 2025-4A, Class E, 6.99%, 4/15/2033 (c)
|
5,000,000
|
5,006,681
|
|
Series 2025-5A, Class E, 7.15%, 6/15/2033 (c)
|
2,696,000
|
2,704,593
|
|
FIGRE Trust Series 2024-HE4, Class A, 5.06%, 9/25/2054 (a) (c)
|
9,917,747
|
9,909,803
|
|
First Investors Auto Owner Trust Series 2025-1A, Class D, 5.22%, 12/15/2033 (c)
|
6,000,000
|
5,949,605
|
|
FirstKey Homes Trust
|
|
|
|
Series 2022-SFR3, Class F1, PO, 7/17/2038 ‡ (c)
|
1,900,000
|
1,886,555
|
|
Series 2022-SFR3, Class F2, PO, 7/17/2038 ‡ (c)
|
1,900,000
|
1,886,157
|
|
Series 2021-SFR2, Class F2, 3.16%, 9/17/2038 (c)
|
3,300,000
|
3,266,441
|
|
Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (c)
|
2,700,000
|
2,540,202
|
|
Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (c)
|
1,300,000
|
1,222,491
|
|
FMC GMSR Issuer Trust Series 2022-GT1, Class B, 7.17%, 4/25/2027 (c)
|
300,000
|
300,490
|
|
Fortiva Retail Credit Master Note Business Trust Series 2025-TWO, Class A, 5.92%,
5/15/2031 (c)
|
3,000,000
|
3,000,034
|
|
Foundation Finance Trust Series 2023-1A, Class D, 9.18%, 12/15/2043 (c)
|
264,477
|
280,909
|
|
GGAM Master Trust International Ltd. (Cayman Islands) Series 2025-1A, Class Y, 9.70%,
9/30/2060 ‡ (c)
|
7,228,598
|
7,271,150
|
|
GLS Auto Receivables Issuer Trust
|
|
|
|
Series 2022-2A, Class D, 6.15%, 4/17/2028 (c)
|
168,950
|
169,782
|
|
Series 2022-2A, Class E, 5.50%, 6/15/2029 (c)
|
2,500,000
|
2,506,399
|
|
Series 2024-2A, Class C, 6.03%, 2/15/2030 (c)
|
1,420,000
|
1,437,621
|
|
Series 2024-4A, Class D, 5.65%, 7/15/2030 (c)
|
2,465,000
|
2,493,500
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2026-2A, Class D, 5.38%, 1/15/2032 (c)
|
6,000,000
|
6,011,910
|
|
Grit Parent, Inc. 10.00%, 3/27/2030 ‡
|
14,000,000
|
13,860,000
|
|
GS Mortgage-Backed Securities Trust
|
|
|
|
Series 2026-CES1, Class A1, 4.90%, 5/25/2056 (c) (d)
|
6,475,835
|
6,420,890
|
|
Series 2026-CES2, Class A1A, 5.23%, 6/25/2056 (c) (d)
|
7,562,775
|
7,531,267
|
|
Series 2026-CES3, Class A1A, 5.36%, 9/25/2056 (c) (d)
|
11,600,000
|
11,599,919
|
|
Harriman Park CLO Ltd. (Cayman Islands) Series 2020-1A, Class CRR, 5.63%, 7/20/2038 (a) (c)
|
1,680,000
|
1,678,893
|
|
Hertz Vehicle Financing LLC
|
|
|
|
Series 2023-1A, Class C, 6.91%, 6/25/2027 (c)
|
48,667
|
48,724
|
|
Series 2023-3A, Class A, 5.94%, 2/25/2028 (c)
|
595,000
|
599,739
|
|
Series 2023-3A, Class D, 9.43%, 2/25/2028 (c)
|
8,185,000
|
8,297,490
|
|
Series 2022-2A, Class D, 5.16%, 6/26/2028 (c)
|
14,000,000
|
13,802,881
|
|
Series 2022-5A, Class D, 6.78%, 9/25/2028 (c)
|
2,000,000
|
1,996,088
|
|
Series 2024-1A, Class D, 9.22%, 1/25/2029 (c)
|
2,500,000
|
2,575,111
|
|
Series 2023-2A, Class D, 9.40%, 9/25/2029 (c)
|
19,080,000
|
19,771,331
|
|
Series 2023-4A, Class D, 9.44%, 3/25/2030 (c)
|
1,500,000
|
1,554,441
|
|
Series 2025-5A, Class D, 7.74%, 5/25/2030 (c)
|
1,870,000
|
1,866,749
|
|
Series 2025-2A, Class D, 8.34%, 9/25/2031 (c)
|
958,000
|
960,808
|
|
Series 2025-4A, Class B, 5.90%, 12/25/2031 (c)
|
2,245,000
|
2,269,787
|
|
Series 2025-4A, Class D, 9.34%, 12/25/2031 (c)
|
4,492,000
|
4,660,023
|
|
Series 2025-6A, Class D, 8.30%, 5/25/2032 (c)
|
2,810,000
|
2,806,364
|
|
Hertz Vehicle Financing LP Series 2021-2A, Class D, 4.34%, 12/27/2027 (c)
|
6,926,000
|
6,869,917
|
|
Hilton Grand Vacations Trust Series 2022-1D, Class D, 6.79%, 6/20/2034 (c)
|
78,739
|
78,755
|
|
HINNT LLC Series 2022-A, Class D, 6.50%, 5/15/2041 (c)
|
186,698
|
185,160
|
|
Honey Hill Park CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2026-1A, Class D1, 6.17%, 4/24/2039 (a) (c)
|
9,180,000
|
9,225,900
|
|
Series 2026-1A, Class D2, 7.37%, 4/24/2039 ‡ (a) (c)
|
1,310,000
|
1,311,453
|
|
Series 2026-1A, Class E, 8.22%, 4/24/2039 (a) (c)
|
13,550,000
|
13,506,640
|
|
Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (c)
|
1,411,110
|
1,421,113
|
|
Identity Digital Capital LLC 6.79%, 3/20/2065 ‡
|
2,500,000
|
2,490,000
|
|
Ista Jet Seri 6.97%, 4/5/2032 ‡ (c)
|
4,937,500
|
4,937,500
|
|
JBHP 10.28%, 4/14/2041 ‡
|
4,667,000
|
4,667,000
|
|
Jonah Energy ABS LLC
|
|
|
|
Series 2022-1, Class C, 12.66%, 8/10/2039 ‡ (c)
|
3,500,000
|
3,510,150
|
|
Series 2025-1A, Class B, 11.25%, 12/10/2040 (c)
|
4,472,803
|
4,465,646
|
|
KKR CLO Ltd. (Cayman Islands) Series 40A, Class BR, 5.38%, 10/20/2034 (a) (c)
|
2,000,000
|
2,003,912
|
|
Lendingpoint Asset Securitization Trust
|
|
|
|
Series 2022-A, Class D, 4.54%, 6/15/2029 (c)
|
696,796
|
281,260
|
|
Series 2022-C, Class C, 8.68%, 2/15/2030 (c)
|
28,324
|
28,297
|
|
Lendmark Funding Trust
|
|
|
|
Series 2024-1A, Class A, 5.53%, 6/21/2032 (c)
|
1,950,000
|
1,963,592
|
|
Series 2024-2A, Class A, 4.47%, 2/21/2034 (c)
|
915,000
|
910,448
|
|
Series 2024-2A, Class D, 5.69%, 2/21/2034 (c)
|
450,000
|
450,505
|
|
Series 2024-2A, Class E, 8.47%, 2/21/2034 (c)
|
800,000
|
814,732
|
|
Series 2025-1A, Class A, 4.94%, 9/20/2034 (c)
|
2,100,000
|
2,108,327
|
|
Series 2025-1A, Class D, 6.48%, 9/20/2034 (c)
|
3,000,000
|
3,041,227
|
|
Series 2025-2A, Class A, 4.78%, 10/20/2034 (c)
|
5,700,000
|
5,685,596
|
|
Series 2025-2A, Class C, 5.28%, 10/20/2034 (c)
|
4,000,000
|
3,986,859
|
|
Series 2025-2A, Class D, 5.98%, 10/20/2034 (c)
|
7,280,000
|
7,294,263
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2025-3A, Class C, 5.04%, 5/21/2035 (c)
|
3,820,000
|
3,733,488
|
|
Series 2025-3A, Class D, 5.64%, 5/21/2035 (c)
|
16,500,000
|
16,211,412
|
|
Series 2026-1A, Class C, 5.40%, 11/20/2035 (c)
|
9,580,000
|
9,523,695
|
|
Series 2026-1A, Class D, 5.90%, 11/20/2035 (c)
|
8,470,000
|
8,420,727
|
|
Liberty 7.25%, 5/14/2031 ‡
|
17,000,000
|
17,014,116
|
|
Madison Park Funding Ltd. (Cayman Islands) Series 2020-45A, Class BRR, 5.32%, 7/15/2034 (a) (c)
|
3,530,000
|
3,530,692
|
|
Magnetite Ltd. (Cayman Islands)
|
|
|
|
Series 2024-40A, Class B1, 5.42%, 7/15/2037 (a) (c)
|
2,900,000
|
2,906,255
|
|
Series 2025-45A, Class E, 8.17%, 4/15/2038 (a) (c)
|
2,000,000
|
2,016,910
|
|
Mariner Finance Issuance Trust
|
|
|
|
Series 2024-BA, Class A, 4.91%, 11/20/2038 (c)
|
2,000,000
|
1,995,967
|
|
Series 2024-BA, Class C, 5.73%, 11/20/2038 (c)
|
635,000
|
638,680
|
|
Merchants Fleet Funding LLC Series 2025-1A, Class D, 5.76%, 1/20/2039 (c)
|
3,750,000
|
3,733,028
|
|
Mercury Financial Credit Card Master Trust
|
|
|
|
Series 2026-1A, Class A, 5.34%, 2/20/2032 (c)
|
7,550,000
|
7,543,298
|
|
Series 2026-1A, Class B, 6.31%, 2/20/2032 (c)
|
1,890,000
|
1,888,078
|
|
MF1 LLC Series 2026-FL22, Class A, 5.06%, 11/18/2043 (a) (c)
|
2,000,000
|
2,001,714
|
|
Mpire Frn
|
|
|
|
Series 2026, 8.29%, 9/13/2030 ‡ (c)
|
4,995,669
|
5,009,807
|
|
Series 2026, 11.16%, 9/19/2030 ‡ (c)
|
1,998,269
|
2,003,924
|
|
Nautical Solutions 9.20%, 8/1/2031 ‡
|
4,134,319
|
4,201,501
|
|
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2020-38A, Class CR2, 5.56%, 10/20/2036 (a) (c)
|
2,500,000
|
2,501,110
|
|
Series 2019-34A, Class BR2, 5.33%, 7/20/2039 (a) (c)
|
3,300,000
|
3,306,201
|
|
New Residential Mortgage Loan Trust
|
|
|
|
Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (c)
|
168,000
|
164,931
|
|
Series 2022-SFR1, Class F, 4.44%, 2/17/2039 (c)
|
2,850,000
|
2,805,937
|
|
Nexus Nova 6.50%, 11/8/2028 ‡
|
8,000,000
|
8,000,240
|
|
NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (c) (d)
|
7,752,197
|
7,764,285
|
|
NRZ Excess Spread-Collateralized Notes Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (c)
|
49,065
|
48,580
|
|
OCP Aegis CLO Ltd. (Cayman Islands) Series 2025-41A, Class B1, 5.42%, 4/21/2037 (a) (c)
|
4,300,000
|
4,306,153
|
|
OCP CLO Ltd. (Cayman Islands) Series 2022-25A, Class B1R, 5.43%, 7/20/2037 (a) (c)
|
1,400,000
|
1,403,076
|
|
Octagon Investment Partners Ltd. (Cayman Islands) Series 2018-1A, Class C, 5.63%,
4/15/2031 (a) (c)
|
2,000,000
|
1,998,856
|
|
Octagon Ltd. (Cayman Islands) Series 2022-1A, Class DR, 7.27%, 7/21/2037 (a) (c)
|
16,800,000
|
16,288,171
|
|
OnDeck Asset Securitization Trust LLC
|
|
|
|
Series 2023-1A, Class A, 7.00%, 8/19/2030 (c)
|
468,000
|
469,788
|
|
Series 2024-2A, Class A, 4.98%, 10/17/2031 (c)
|
600,000
|
598,918
|
|
Series 2024-2A, Class B, 5.42%, 10/17/2031 (c)
|
400,000
|
399,799
|
|
OneMain Direct Auto Receivables Trust
|
|
|
|
Series 2026-1A, Class D, 5.30%, 10/14/2036 (c)
|
7,595,000
|
7,508,065
|
|
Series 2025-1A, Class D, 6.10%, 7/14/2037 (c)
|
1,522,000
|
1,545,441
|
|
OneMain Financial Issuance Trust Series 2025-1A, Class D, 5.79%, 7/14/2038 (c)
|
1,500,000
|
1,494,722
|
|
Oneslt 8.00%, 12/15/2030 ‡
|
3,146,328
|
3,146,328
|
|
Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (c)
|
185,726
|
185,800
|
|
Oportun Issuance Trust
|
|
|
|
Series 2026-A, Class B, 5.06%, 1/9/2034 (c)
|
7,300,000
|
7,274,345
|
|
Series 2026-A, Class C, 5.45%, 1/9/2034 (c)
|
4,210,000
|
4,198,665
|
|
Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (c)
|
115,795
|
114,682
|
|
Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class BR, 5.37%, 2/15/2038 (a) (c)
|
4,300,000
|
4,307,796
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Peace Park CLO Ltd. (Cayman Islands) Series 2021-1A, Class BR, 5.26%, 10/20/2038 (a) (c)
|
5,400,000
|
5,410,460
|
|
PFP Ltd. (Cayman Islands)
|
|
|
|
Series 2026-14, Class A, 4.97%, 12/18/2043 (a) (b) (c)
|
7,325,000
|
7,325,000
|
|
Series 2026-14, Class AS, 5.30%, 12/18/2043 (a) (b) (c)
|
1,810,000
|
1,810,000
|
|
Planet Fitness Master Issuer LLC Series 2025-1A, Class A2II, 5.65%, 12/6/2055 (c)
|
2,670,000
|
2,643,764
|
|
PRET LLC Series 2026-NPL6, Class A1, 5.69%, 5/25/2056 (c) (d)
|
12,690,000
|
12,689,429
|
|
PRET Trust Series 2026-RN1, Class A1, 5.92%, 6/25/2066 (b) (c) (d)
|
15,520,000
|
15,519,980
|
|
Progress Residential Trust Series 2023-SFR1, Class E1, 6.15%, 3/17/2040 (c)
|
736,000
|
728,882
|
|
Prometheus 0.00%, 9/12/2029 ‡
|
8,000,000
|
7,920,000
|
|
Purewest ABS Issuer LLC
|
|
|
|
Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (c)
|
1,975,203
|
1,967,499
|
|
Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (c)
|
4,471,887
|
4,471,888
|
|
RCKT Mortgage Trust Series 2026-CES4, Class A1A, 5.12%, 4/25/2056 (c) (d)
|
5,800,311
|
5,783,380
|
|
Republic Finance Issuance Trust
|
|
|
|
Series 2024-A, Class A, 5.91%, 8/20/2032 (c)
|
2,563,000
|
2,570,980
|
|
Series 2024-B, Class A, 5.42%, 11/20/2037 (c)
|
3,631,000
|
3,652,746
|
|
Series 2026-A, Class A, 4.82%, 6/20/2039 (c)
|
12,360,000
|
12,320,989
|
|
Series 2026-A, Class B, 5.15%, 6/20/2039 (c)
|
3,000,000
|
2,985,575
|
|
Series 2026-A, Class C, 5.46%, 6/20/2039 (c)
|
3,700,000
|
3,675,824
|
|
Series 2026-A, Class D, 6.16%, 6/20/2039 (c)
|
2,000,000
|
2,001,586
|
|
Santander Bank Auto Credit-Linked Notes Series 2023-B, Class E, 8.41%, 12/15/2033 (c)
|
880,038
|
896,072
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
Series 2023-4, Class B, 5.77%, 12/15/2028
|
318,342
|
320,127
|
|
Series 2022-7, Class C, 6.69%, 3/17/2031
|
142,842
|
144,833
|
|
Series 2025-2, Class D, 5.47%, 5/15/2031
|
2,400,000
|
2,425,451
|
|
Series 2025-3, Class D, 5.11%, 9/15/2031
|
5,730,000
|
5,733,036
|
|
Series 2024-3, Class D, 5.97%, 10/15/2031
|
1,906,000
|
1,941,655
|
|
Series 2024-4, Class D, 5.32%, 12/15/2031
|
1,958,000
|
1,970,846
|
|
Series 2025-4, Class D, 4.95%, 1/15/2032
|
3,123,000
|
3,105,159
|
|
Series 2024-5, Class D, 5.14%, 2/17/2032
|
1,247,000
|
1,251,614
|
|
SBA Small Business Investment Cos.
|
|
|
|
Series 2023-10A, Class 1, 5.17%, 3/10/2033
|
1,244,749
|
1,264,360
|
|
Series 2023-10B, Class 1, 5.69%, 9/10/2033
|
1,450,059
|
1,503,266
|
|
Series 2024-10A, Class 1, 5.04%, 3/10/2034
|
6,151,512
|
6,226,522
|
|
SCF Equipment Leasing LLC
|
|
|
|
Series 2025-2A, Class D, 5.33%, 6/20/2036 (c)
|
2,770,000
|
2,711,246
|
|
Series 2025-2A, Class E, 6.21%, 6/20/2036 (c)
|
3,920,000
|
3,844,444
|
|
SRT Issuer I LLC 0.00%, 7/7/2031 ‡ (a)
|
7,500,000
|
7,490,625
|
|
SRT Issuer LLC 0.00%, 12/7/2031 ‡ (a)
|
7,500,000
|
7,503,283
|
|
Stifel SBA IO Trust
|
|
|
|
Series 2024-1A, Class A2, IO, 1.27%, 6/25/2050 (a) (c)
|
44,731,628
|
1,667,340
|
|
Series 2025-1A, Class A2, IO, 1.49%, 1/15/2051 (a) (c)
|
75,727,164
|
3,464,556
|
|
Series 2025-3A, Class A2, IO, 1.93%, 10/25/2051 (a) (c)
|
60,909,498
|
3,630,237
|
|
Stifel SBA Trust Series 2025-2A, Class A1, 2.56%, 8/25/2036 (a) (c)
|
52,285,543
|
3,090,164
|
|
Subway Funding LLC Series 2024-1A, Class A23, 6.51%, 7/30/2054 (c)
|
2,855,515
|
2,822,358
|
|
Symphony CLO Ltd. (Cayman Islands)
|
|
|
|
Series 2018-19A, Class B, 5.29%, 4/16/2031 (a) (c)
|
1,900,000
|
1,900,699
|
|
Series 2018-19A, Class C, 5.69%, 4/16/2031 (a) (c)
|
940,000
|
939,652
|
|
Series 2020-23A, Class CR2, 5.42%, 1/15/2034 (a) (c)
|
3,600,000
|
3,596,260
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Asset-Backed Securities — continued
|
||
|
Series 2021-29A, Class BR, 5.32%, 10/15/2035 (a) (c)
|
6,455,000
|
6,460,138
|
|
Series 2022-32A, Class BR, 5.32%, 10/23/2035 (a) (c)
|
4,225,000
|
4,228,414
|
|
Theorem Funding Trust Series 2022-2A, Class B, 9.27%, 12/15/2028 (c)
|
159,404
|
159,667
|
|
Towd Point Mortgage Trust
|
|
|
|
Series 2026-FIX1, Class A1, 4.98%, 12/25/2065 (c) (d)
|
4,388,429
|
4,355,872
|
|
Series 2026-CES2, Class A1A, 4.72%, 2/25/2066 (c) (d)
|
8,906,865
|
8,790,915
|
|
Tricon Residential Trust Series 2022-SFR1, Class E2, 5.74%, 4/17/2039 (c)
|
101,000
|
100,197
|
|
TRTX Issuer Ltd. (Cayman Islands) Series 2025-FL6, Class A, 5.16%, 9/18/2042 (a) (c)
|
3,050,000
|
3,057,707
|
|
Ucielo 2025-assi 10.51%, 8/9/2033 ‡
|
100,000
|
100,000
|
|
Ucielo 2025-assic 8.01%, 8/9/2033 ‡
|
100,000
|
100,000
|
|
United States Small Business Administration Series 2025-25J, Class 1, 4.79%, 10/1/2050
|
4,666,642
|
4,644,620
|
|
Upstart Frn Series 2025-TE, 6.80%, 3/29/2029 ‡ (c)
|
4,000,000
|
3,995,000
|
|
Upstart Pass-Through Trust
|
|
|
|
Series 2022-PT2, Class A, 18.51%, 2/20/2030 ‡ (a) (c)
|
39,579
|
39,579
|
|
Series 2022-PT3, Class A, 18.24%, 4/20/2030 ‡ (a) (c)
|
28,671
|
28,319
|
|
VCAT LLC
|
|
|
|
Series 2025-NPL3, Class A1, 5.89%, 2/25/2055 (c) (d)
|
1,014,702
|
1,015,230
|
|
Series 2026-NPL3, Class A1, 5.57%, 5/25/2056 (b) (c) (d)
|
7,700,000
|
7,699,900
|
|
VistaJet Pass Through Trust Series 2021-1C, 9.50%, 8/15/2031 ‡ (c)
|
1,540,000
|
1,505,183
|
|
Voya CLO Ltd. (Cayman Islands) Series 2019-4A, Class BR, 5.68%, 1/15/2035 (a) (c)
|
2,000,000
|
2,002,264
|
|
Wehle Park CLO Ltd. (Jersey) Series 2022-1A, Class ER, 9.07%, 10/21/2038 (a) (c)
|
1,000,000
|
922,413
|
|
Western Funding Auto Loan Trust
|
|
|
|
Series 2025-1, Class A, 4.75%, 7/16/2035 (c)
|
4,615,000
|
4,629,542
|
|
Series 2025-1, Class D, 5.79%, 1/15/2036 (c)
|
2,540,000
|
2,557,579
|
|
Westlake Automobile Receivables Trust
|
|
|
|
Series 2023-1A, Class D, 6.79%, 11/15/2028 (c)
|
437,000
|
442,812
|
|
Series 2023-3A, Class D, 6.47%, 3/15/2029 (c)
|
632,000
|
641,269
|
|
Series 2024-1A, Class D, 6.02%, 10/15/2029 (c)
|
576,000
|
585,989
|
|
Series 2024-3A, Class D, 5.21%, 4/15/2030 (c)
|
3,920,000
|
3,943,217
|
|
Total Asset-Backed Securities
(Cost $1,039,315,493)
|
|
1,038,328,809
|
|
Foreign Government Securities — 3.6%
|
||
|
Arab Republic of Egypt
|
|
|
|
8.63%, 2/4/2030 (c)
|
829,000
|
885,973
|
|
8.63%, 2/4/2030 (j)
|
1,800,000
|
1,923,705
|
|
5.88%, 2/16/2031 (j)
|
3,900,000
|
3,794,271
|
|
7.63%, 5/29/2032 (j)
|
2,300,000
|
2,358,259
|
|
9.45%, 2/4/2033 (c)
|
1,846,000
|
2,045,959
|
|
7.30%, 9/30/2033 (j)
|
200,000
|
199,340
|
|
7.63%, 5/20/2034 (c)
|
3,093,000
|
3,108,496
|
|
8.50%, 1/31/2047 (j)
|
2,700,000
|
2,566,674
|
|
8.70%, 3/1/2049 (j)
|
700,000
|
670,346
|
|
8.88%, 5/29/2050 (j)
|
3,200,000
|
3,133,760
|
|
Argentine Republic
|
|
|
|
1.00%, 7/9/2029
|
1,400,000
|
1,263,500
|
|
4.12%, 7/9/2035 (d)
|
16,960,000
|
13,067,680
|
|
5.00%, 1/9/2038 (d)
|
1,700,000
|
1,368,207
|
|
3.50%, 7/9/2041 (d)
|
2,700,000
|
1,938,303
|
|
Barbados Government Bond 8.00%, 6/26/2035 (j)
|
2,000,000
|
2,122,420
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
Benin Government Bond
|
|
|
|
7.96%, 2/13/2038 (c)
|
2,842,000
|
2,997,941
|
|
7.96%, 2/13/2038 (j)
|
950,000
|
1,002,126
|
|
Ciudad Autonoma De Buenos Aires 7.05%, 5/13/2036 (c)
|
1,300,000
|
1,263,821
|
|
Commonwealth of the Bahamas
|
|
|
|
8.95%, 10/15/2032 (j)
|
1,000,000
|
1,114,630
|
|
8.25%, 6/24/2036 (c)
|
2,277,000
|
2,545,117
|
|
Democratic Socialist Republic of Sri Lanka
|
|
|
|
4.00%, 4/15/2028 (c)
|
399,590
|
384,206
|
|
3.60%, 6/15/2035 (c) (d)
|
4,346,960
|
3,461,267
|
|
Dominican Republic Government Bond
|
|
|
|
6.00%, 2/22/2033 (c)
|
150,000
|
150,900
|
|
6.00%, 2/22/2033 (j)
|
500,000
|
503,000
|
|
6.60%, 6/1/2036 (j)
|
5,900,000
|
6,103,845
|
|
6.95%, 3/15/2037 (c)
|
4,400,000
|
4,623,080
|
|
6.15%, 5/17/2038 (c)
|
2,877,000
|
2,836,003
|
|
6.40%, 6/5/2049 (j)
|
2,050,000
|
1,975,559
|
|
5.88%, 1/30/2060 (j)
|
1,450,000
|
1,270,019
|
|
Federal Republic of Nigeria
|
|
|
|
6.13%, 9/28/2028 (c)
|
1,000,000
|
1,009,070
|
|
6.13%, 9/28/2028 (j)
|
3,200,000
|
3,229,024
|
|
7.14%, 2/23/2030 (j)
|
3,600,000
|
3,713,724
|
|
8.75%, 1/21/2031 (j)
|
1,000,000
|
1,085,500
|
|
10.38%, 12/9/2034 (c)
|
1,400,000
|
1,689,415
|
|
8.63%, 1/13/2036 (j)
|
1,500,000
|
1,652,250
|
|
7.70%, 2/23/2038 (j)
|
3,300,000
|
3,408,075
|
|
9.13%, 1/13/2046 (c)
|
3,530,000
|
3,944,775
|
|
8.25%, 9/28/2051 (j)
|
800,000
|
821,124
|
|
Federative Republic of Brazil
|
|
|
|
7.13%, 5/13/2054
|
800,000
|
800,872
|
|
7.25%, 1/12/2056
|
2,500,000
|
2,498,750
|
|
Hashemite Kingdom of Jordan
|
|
|
|
7.75%, 1/15/2028 (j)
|
1,000,000
|
1,033,750
|
|
7.50%, 1/13/2029 (j)
|
2,000,000
|
2,092,500
|
|
5.85%, 7/7/2030 (j)
|
2,100,000
|
2,113,125
|
|
5.75%, 11/12/2032 (c)
|
6,761,000
|
6,642,682
|
|
7.38%, 10/10/2047 (j)
|
5,000,000
|
4,897,650
|
|
Islamic Republic of Pakistan
|
|
|
|
7.38%, 4/8/2031 (j)
|
11,200,000
|
11,002,320
|
|
8.88%, 4/8/2051 (j)
|
3,000,000
|
2,898,750
|
|
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (c)
|
1,067,000
|
1,145,040
|
|
Kingdom of Bahrain
|
|
|
|
5.45%, 9/16/2032 (j)
|
1,600,000
|
1,503,080
|
|
6.63%, 10/6/2037 (c)
|
1,000,000
|
959,385
|
|
7.50%, 9/20/2047 (j)
|
600,000
|
592,680
|
|
Pakistan Water & Power Development Authority 7.50%, 6/4/2031 (j)
|
658,000
|
625,264
|
|
Plurinational State of Bolivia 9.45%, 5/14/2031 (c)
|
1,800,000
|
1,755,000
|
|
Provincia de Cordoba 8.60%, 2/3/2035 (c)
|
1,851,000
|
1,799,945
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
Republic of Angola
|
|
|
|
8.00%, 11/26/2029 (j)
|
1,917,000
|
1,949,349
|
|
9.24%, 1/15/2031 (c)
|
1,400,000
|
1,471,050
|
|
8.75%, 4/14/2032 (j)
|
400,000
|
409,500
|
|
8.75%, 4/14/2032 (c)
|
600,000
|
614,250
|
|
9.38%, 3/31/2033 (c)
|
1,400,000
|
1,461,250
|
|
9.88%, 10/15/2035 (c)
|
6,000,000
|
6,400,500
|
|
Republic of Armenia 3.60%, 2/2/2031 (j)
|
900,000
|
826,317
|
|
Republic of Cameroon 9.50%, 7/31/2031 (j)
|
4,400,000
|
4,510,088
|
|
Republic of Colombia
|
|
|
|
8.00%, 4/20/2033
|
500,000
|
532,750
|
|
7.50%, 2/2/2034
|
2,000,000
|
2,078,500
|
|
7.75%, 11/7/2036
|
3,000,000
|
3,141,000
|
|
8.38%, 11/7/2054
|
800,000
|
861,200
|
|
Republic of Congo
|
|
|
|
8.75%, 4/16/2032 (c)
|
2,380,000
|
2,406,061
|
|
9.50%, 2/17/2035 (j)
|
2,600,000
|
2,620,436
|
|
9.50%, 5/26/2036 (j)
|
3,000,000
|
2,993,702
|
|
9.50%, 4/16/2037 (c)
|
2,270,000
|
2,315,082
|
|
Republic of Costa Rica
|
|
|
|
7.00%, 4/4/2044 (j)
|
400,000
|
432,645
|
|
7.30%, 11/13/2054 (c)
|
1,565,000
|
1,747,439
|
|
Republic of Cote d'Ivoire
|
|
|
|
7.63%, 1/30/2033 (j)
|
3,600,000
|
3,841,200
|
|
6.13%, 6/15/2033 (j)
|
2,300,000
|
2,288,155
|
|
8.08%, 4/1/2036 (c)
|
5,481,000
|
5,964,013
|
|
8.25%, 1/30/2037 (c)
|
4,600,000
|
5,062,875
|
|
6.75%, 2/25/2041 (c)
|
9,278,000
|
8,866,289
|
|
Republic of Ecuador
|
|
|
|
6.90%, 7/31/2030 (d) (j)
|
1,674,000
|
1,676,461
|
|
8.75%, 1/29/2034 (c)
|
3,348,000
|
3,396,512
|
|
6.90%, 7/31/2035 (d) (j)
|
6,467,831
|
5,936,451
|
|
9.25%, 1/29/2039 (c)
|
18,208,000
|
18,717,278
|
|
5.00%, 7/31/2040 (d) (j)
|
5,711,364
|
4,772,073
|
|
Republic of El Salvador
|
|
|
|
8.63%, 2/28/2029 (j)
|
1,852,000
|
1,951,823
|
|
9.25%, 4/17/2030 (c)
|
2,390,000
|
2,553,894
|
|
7.12%, 1/20/2050 (j)
|
350,000
|
318,619
|
|
9.50%, 7/15/2052 (j)
|
350,000
|
392,035
|
|
9.65%, 11/21/2054 (c)
|
4,957,000
|
5,566,215
|
|
Republic of Ghana
|
|
|
|
Zero Coupon, 7/3/2026 (c)
|
117,600
|
117,012
|
|
5.00%, 7/3/2029 (c) (d)
|
2,828,350
|
2,785,727
|
|
5.00%, 7/3/2035 (c) (d)
|
3,265,600
|
3,056,340
|
|
Republic of Guatemala
|
|
|
|
6.05%, 8/6/2031 (j)
|
2,000,000
|
2,071,000
|
|
6.60%, 6/13/2036 (c)
|
700,000
|
744,326
|
|
6.25%, 8/15/2036 (c)
|
1,221,000
|
1,270,243
|
|
6.55%, 2/6/2037 (c)
|
200,000
|
212,596
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Foreign Government Securities — continued
|
||
|
Republic of Honduras
|
|
|
|
6.25%, 1/19/2027 (j)
|
1,350,000
|
1,354,860
|
|
8.63%, 11/27/2034 (c)
|
4,250,000
|
4,842,875
|
|
8.63%, 11/27/2034 (j)
|
850,000
|
968,575
|
|
Republic of Iraq 5.80%, 1/15/2028 (j)
|
937,500
|
923,145
|
|
Republic of Kenya
|
|
|
|
9.75%, 2/16/2031 (c)
|
1,635,000
|
1,765,849
|
|
9.75%, 2/16/2031 (j)
|
2,100,000
|
2,268,063
|
|
8.00%, 5/22/2032 (j)
|
200,000
|
202,972
|
|
7.88%, 10/9/2033 (c)
|
2,200,000
|
2,167,550
|
|
9.50%, 3/5/2036 (c)
|
5,427,000
|
5,663,726
|
|
8.80%, 10/9/2038 (c)
|
2,265,000
|
2,260,062
|
|
Republic of Montenegro 7.25%, 3/12/2031 (c)
|
1,950,000
|
2,057,250
|
|
Republic of Panama 7.88%, 3/1/2057
|
2,500,000
|
3,012,675
|
|
Republic of Paraguay
|
|
|
|
6.10%, 8/11/2044 (j)
|
1,000,000
|
1,010,480
|
|
5.60%, 3/13/2048 (j)
|
1,500,000
|
1,407,165
|
|
5.40%, 3/30/2050 (c)
|
4,100,000
|
3,731,820
|
|
6.65%, 3/4/2055 (j)
|
2,000,000
|
2,115,300
|
|
Republic of Rwanda 5.50%, 8/9/2031 (c)
|
4,000,000
|
3,773,160
|
|
Republic of Serbia
|
|
|
|
6.50%, 9/26/2033 (c)
|
400,000
|
423,300
|
|
6.00%, 6/12/2034 (c)
|
800,000
|
819,800
|
|
6.00%, 6/12/2034 (j)
|
400,000
|
409,900
|
|
Republic of South Africa
|
|
|
|
7.10%, 11/19/2036 (c)
|
2,800,000
|
2,989,000
|
|
6.30%, 6/22/2048
|
500,000
|
454,250
|
|
5.75%, 9/30/2049
|
900,000
|
758,070
|
|
7.30%, 4/20/2052
|
200,000
|
199,750
|
|
7.95%, 11/19/2054 (c)
|
3,542,000
|
3,772,230
|
|
7.95%, 11/19/2054 (j)
|
1,000,000
|
1,065,000
|
|
7.25%, 12/11/2055 (c)
|
5,555,000
|
5,473,064
|
|
Republic of Trinidad and Tobago 6.40%, 6/26/2034 (j)
|
500,000
|
515,688
|
|
Republic of Turkiye (The) 7.63%, 5/15/2034
|
1,164,000
|
1,215,216
|
|
Republic of Zambia
|
|
|
|
5.75%, 6/30/2033 (c) (d)
|
1,131,296
|
1,120,560
|
|
0.50%, 12/31/2053 (j)
|
1,700,000
|
1,344,785
|
|
Romania Government Bond 7.50%, 2/10/2037 (c)
|
3,400,000
|
3,670,504
|
|
State of Mongolia
|
|
|
|
4.45%, 7/7/2031 (j)
|
200,000
|
188,500
|
|
5.95%, 3/9/2032 (c)
|
2,000,000
|
2,017,500
|
|
Suriname Government International Bond
|
|
|
|
7.70%, 11/6/2030 (c)
|
3,151,000
|
3,252,966
|
|
8.50%, 11/6/2035 (c)
|
6,338,000
|
6,789,773
|
|
Total Foreign Government Securities
(Cost $315,342,054)
|
|
327,929,796
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Loan Assignments — 0.4% (k) (l)
|
||
|
Aerospace & Defense — 0.0% ^
|
||
|
TransDigm, Inc., 1st Lien Term Loan J (1-MONTH CME TERM SOFR + 2.50%), 6.12%, 2/28/2031
|
148,116
|
148,492
|
|
VSE Corp., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.00%), 5.47%, 5/5/2033
|
354,400
|
355,020
|
|
|
|
503,512
|
|
Automobile Components — 0.0% ^
|
||
|
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.00%), 5.62%, 1/31/2031
|
627,889
|
627,004
|
|
Building Products — 0.1%
|
||
|
EMRLD Borrower LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.95%, 8/4/2031
|
1,354,221
|
1,353,801
|
|
MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%, 3/28/2031
|
978,066
|
956,676
|
|
Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 5.90%,
2/10/2032
|
1,534,500
|
1,534,577
|
|
|
|
3,845,054
|
|
Commercial Services & Supplies — 0.0% ^
|
||
|
Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%),
6.62%, 11/19/2031
|
395,561
|
392,844
|
|
Containers & Packaging — 0.0% ^
|
||
|
Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR
+ 3.25%), 6.87%, 4/1/2032
|
930,312
|
878,335
|
|
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 5.87%,
1/26/2033
|
465,333
|
465,817
|
|
|
|
1,344,152
|
|
Diversified Consumer Services — 0.0% ^
|
||
|
Belron Finance 2019 LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 5.66%,
10/16/2031
|
285,465
|
285,822
|
|
Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.15%, 1/30/2031
|
1,020,343
|
1,017,578
|
|
|
|
1,303,400
|
|
Electronic Equipment, Instruments & Components — 0.0% ^
|
||
|
LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%),
6.65%,
12/2/2031
|
730,084
|
734,282
|
|
Ground Transportation — 0.0% ^
|
||
|
GB AIT Buyer, Inc., 1st Lien Term Loan (12-MONTH CME TERM SOFR + 4.25%), 7.98%, 4/29/2033
|
659,026
|
660,054
|
|
Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 5.45%,
4/10/2031
|
1,564,749
|
1,562,511
|
|
|
|
2,222,565
|
|
Insurance — 0.0% ^
|
||
|
Asurion LLC, 1st Lien Term Loan B-13 (3-MONTH CME TERM SOFR + 4.25%), 7.91%, 9/19/2030
|
529,334
|
529,084
|
|
HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.92%,
6/20/2030
|
1,365,065
|
1,367,823
|
|
|
|
1,896,907
|
|
IT Services — 0.0% ^
|
||
|
Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.50%), 6.20%,
2/3/2031 (m)
|
2,094,548
|
2,090,107
|
|
MH Sub I LLC, 1st Lien Term Loan
|
|
|
|
(1-MONTH CME TERM SOFR + 4.25%), 7.87%, 5/3/2028
|
443,886
|
429,113
|
|
(1-MONTH CME TERM SOFR + 4.25%), 7.87%, 12/31/2031
|
300,464
|
258,901
|
|
|
|
2,778,121
|
|
Machinery — 0.0% ^
|
||
|
LSF12 Helix Parent LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.15%,
2/10/2033
|
460,785
|
457,674
|
|
Terex Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 5.40%, 10/8/2031
|
445,508
|
447,460
|
|
|
|
905,134
|
|
Media — 0.1%
|
||
|
iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%),
9.51%, 5/1/2029
|
3,183,879
|
3,026,277
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Loan Assignments — continued
|
||
|
Passenger Airlines — 0.0% ^
|
||
|
AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.93%,
4/20/2028
|
378,529
|
376,773
|
|
Jetblue Airways Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.75%), 8.44%,
8/27/2029
|
923,450
|
805,710
|
|
|
|
1,182,483
|
|
Pharmaceuticals — 0.0% ^
|
||
|
1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 9.87%, 10/8/2030
|
1,186,037
|
1,144,028
|
|
Professional Services — 0.0% ^
|
||
|
First Advantage Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.75%),
6.45%, 10/31/2031
|
661,408
|
653,557
|
|
WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.65%,
1/27/2031
|
492,481
|
492,649
|
|
|
|
1,146,206
|
|
Semiconductors & Semiconductor Equipment — 0.0% ^
|
||
|
Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.35%), 6.86%, 2/1/2029
|
768,981
|
765,275
|
|
Software — 0.1%
|
||
|
AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 9.40%,
2/15/2029
|
1,235,981
|
1,234,436
|
|
BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%,
11/25/2031
|
712,424
|
706,953
|
|
Dayforce Bidco LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 6.66%, 2/4/2033
|
1,110,092
|
1,055,719
|
|
Icon Parent I, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.44%, 11/13/2031
|
1,610,087
|
1,537,408
|
|
Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.37%,
11/28/2028
|
588,559
|
572,314
|
|
UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.91%, 2/10/2031
|
1,634,387
|
1,577,527
|
|
|
|
6,684,357
|
|
Specialty Retail — 0.1%
|
||
|
Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%),
7.95%, 1/31/2031
|
1,217,589
|
1,184,226
|
|
PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.58%, 8/18/2032
|
1,628,907
|
1,623,141
|
|
White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%),
6.90%, 10/19/2029
|
369,375
|
366,546
|
|
|
|
3,173,913
|
|
Textiles, Apparel & Luxury Goods — 0.0% ^
|
||
|
Varsity Brands, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.45%, 8/26/2031
|
2,063,799
|
2,065,099
|
|
Trading Companies & Distributors — 0.0% ^
|
||
|
QXO Building Products, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%),
5.62%, 4/30/2032
|
143,556
|
143,322
|
|
Total Loan Assignments
(Cost $36,189,548)
|
|
35,883,935
|
|
Municipal Bonds — 0.1% (n)
|
||
|
California — 0.0% ^
|
||
|
California Infrastructure and Economic Development Bank, Brightline West Passenger
Rail Project Series 2025B, Rev.,
AMT, 12.00%, 11/2/2026 (a) (c)
|
1,590,000
|
890,400
|
|
Nevada — 0.0% ^
|
||
|
State of Nevada Department of Business and Industry, Brighline West Passenger Rail
Project Series 2025B, Rev., AMT,
12.00%, 11/2/2026 (a) (c)
|
2,165,000
|
1,212,400
|
|
New York — 0.1%
|
||
|
New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project
|
|
|
|
Series 2024, Rev., 5.46%, 12/15/2031
|
5,566,000
|
5,635,835
|
|
Series 2024, Rev., 6.03%, 12/15/2031
|
650,000
|
661,654
|
|
Total New York
|
|
6,297,489
|
|
Total Municipal Bonds
(Cost $9,851,500)
|
|
8,400,289
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — 0.0% ^
|
||
|
Containers & Packaging — 0.0% ^
|
||
|
Ardagh Holdings SA (Luxembourg) ‡ * (c)
|
48,665
|
326,386
|
|
Diversified Telecommunication Services — 0.0% ^
|
||
|
Altice France SA (France) ‡ *
|
334
|
5,552
|
|
Wireless Telecommunication Services — 0.0% ^
|
||
|
Altice France SA ‡
|
1,131
|
22,925
|
|
Total Common Stocks
(Cost $327,772)
|
|
354,863
|
|
Short-Term Investments — 2.7%
|
||
|
Investment Companies — 2.7%
|
||
|
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (o) (p)
(Cost $250,602,719)
|
250,578,264
|
250,628,380
|
|
Total Investments — 102.9%
(Cost $9,396,994,743)
|
|
9,398,289,909
|
|
Liabilities in Excess of Other Assets — (2.9)%
|
|
(262,556,849
)
|
|
NET ASSETS — 100.0%
|
|
9,135,733,060
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
ABS
|
Asset-Backed Securities
|
|
ACES
|
Alternative Credit Enhancement Securities
|
|
AMT
|
Alternative Minimum Tax
|
|
ARM
|
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May
31, 2026.
|
|
CLO
|
Collateralized Loan Obligations
|
|
CME
|
Chicago Mercantile Exchange
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
FRN
|
Floating Rate Note
|
|
GNMA
|
Government National Mortgage Association
|
|
IF
|
Inverse Floaters represent securities that pay interest at a rate that increases (decreases)
with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the
rate in effect as of May 31, 2026. The rate may be subject to a cap and floor.
|
|
IO
|
Interest Only represents the right to receive the monthly interest payments on an
underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are
subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
|
|
JSC
|
Joint Stock Company
|
|
PIK
|
Payment In Kind
|
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying
pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments
on the underlying mortgages of these securities increase, the yield on
these securities increases.
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
Re-REMIC
|
Combined Real Estate Mortgage Investment Conduit
|
|
Rev.
|
Revenue
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
|
UMBS
|
Uniform Mortgage-Backed Securities
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
|
*
|
Non-income producing security.
|
|
|
(a)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
May 31, 2026.
|
|
|
(b)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(c)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(d)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets
at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
|
|
|
(e)
|
Defaulted security.
|
|
|
(f)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(g)
|
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2026 is $31,784,867 or 0.35% of the Fund’s net
assets as of May 31, 2026.
|
|
|
(h)
|
Security is an interest bearing note with preferred security characteristics.
|
|
|
(i)
|
Security is perpetual and thus, does not have a predetermined maturity date. The coupon
rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects
the next call date. The coupon rate shown is the rate in
effect as of May 31, 2026.
|
|
|
(j)
|
Security exempt from registration pursuant to Regulation S under the Securities Act
of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling
efforts in the United States and as such may have
restrictions on resale.
|
|
|
(k)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2026.
|
|
|
(l)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying
each obligor may have varying terms.
|
|
|
(m)
|
All or a portion of this security is unsettled as of May 31, 2026. Unless otherwise
indicated, the coupon rate is undetermined. The coupon
rate shown may not be accrued for the entire position.
|
|
|
(n)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
|
(o)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(p)
|
The rate shown is the current yield as of May 31, 2026.
|
|
|
SECURITY DESCRIPTION
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
FNMA / FHLMC UMBS, Single Family, 30 Year
|
|
|
|
TBA, 2.50%, 6/25/2056 (a)
|
(17,000,000
)
|
(14,222,238
)
|
|
TBA, 3.00%, 6/25/2056 (a)
|
(56,900,000
)
|
(49,686,820
)
|
|
TBA, 3.50%, 6/25/2056 (a)
|
(40,100,000
)
|
(36,445,105
)
|
|
TBA, 4.00%, 6/25/2056 (a)
|
(41,593,000
)
|
(38,937,851
)
|
|
TBA, 4.50%, 6/25/2056 (a)
|
(21,600,000
)
|
(20,733,874
)
|
|
TBA, 5.00%, 6/25/2056 (a)
|
(765,000
)
|
(752,561
)
|
|
TBA, 5.50%, 6/25/2056 (a)
|
(449,630,000
)
|
(451,614,433
)
|
|
TBA, 6.00%, 6/25/2056 (a)
|
(304,300,000
)
|
(310,711,653
)
|
|
TBA, 6.50%, 6/25/2056 (a)
|
(64,700,000
)
|
(67,250,857
)
|
|
GNMA II, Single Family, 30 Year TBA, 3.50%, 6/15/2056 (a)
|
(22,500,000
)
|
(20,266,332
)
|
|
(Proceeds received of $1,011,538,773)
|
|
(1,010,621,724
)
|
|
Abbreviations
|
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
|
UMBS
|
Uniform Mortgage-Backed Securities
|
|
(a)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
Euro-Bund
|
319
|
06/08/2026
|
EUR
|
46,982,744
|
(260,459
)
|
|
Euro-Schatz
|
1,875
|
06/08/2026
|
EUR
|
231,778,260
|
(489,339
)
|
|
U.S. Treasury 10 Year Note
|
8,494
|
09/21/2026
|
USD
|
933,410,969
|
8,643,224
|
|
U.S. Treasury 2 Year Note
|
132
|
09/30/2026
|
USD
|
27,274,500
|
56,345
|
|
U.S. Treasury 5 Year Note
|
10,826
|
09/30/2026
|
USD
|
1,161,342,240
|
6,780,016
|
|
|
|
|
|
|
14,729,787
|
|
Short Contracts
|
|
|
|
|
|
|
U.S. Treasury 10 Year Ultra Note
|
(4,019
)
|
09/21/2026
|
USD
|
(450,944,359
)
|
(6,411,792
)
|
|
U.S. Treasury Long Bond
|
(2,148
)
|
09/21/2026
|
USD
|
(241,448,625
)
|
(4,918,568
)
|
|
U.S. Treasury Ultra Bond
|
(2,334
)
|
09/21/2026
|
USD
|
(267,534,750
)
|
(5,884,341
)
|
|
U.S. Treasury 2 Year Note
|
(1,684
)
|
09/30/2026
|
USD
|
(347,956,500
)
|
(765,540
)
|
|
U.S. Treasury 5 Year Note
|
(741
)
|
09/30/2026
|
USD
|
(79,489,618
)
|
(508,738
)
|
|
|
|
|
|
|
(18,488,979
)
|
|
|
|
|
|
|
(3,759,192
)
|
|
Abbreviations
|
|
|
EUR
|
Euro
|
|
USD
|
United States Dollar
|
|
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
|
AUD
|
31,285,988
|
USD
|
22,294,551
|
Goldman Sachs International
|
6/15/2026
|
186,526
|
|
EUR
|
19,258,587
|
USD
|
22,377,368
|
BNP Paribas
|
6/15/2026
|
98,890
|
|
EUR
|
13,855,859
|
USD
|
16,127,785
|
Goldman Sachs International
|
6/15/2026
|
43,073
|
|
GBP
|
8,412,017
|
USD
|
11,309,587
|
Barclays Bank plc
|
6/15/2026
|
18,573
|
|
GBP
|
16,372,679
|
USD
|
21,891,548
|
Goldman Sachs International
|
6/15/2026
|
156,948
|
|
NZD
|
18,931,196
|
AUD
|
15,576,873
|
Citibank, NA
|
6/15/2026
|
148,790
|
|
NZD
|
19,367,655
|
CAD
|
15,751,841
|
BNP Paribas
|
6/15/2026
|
171,332
|
|
NZD
|
37,565,517
|
USD
|
22,137,168
|
Citibank, NA
|
6/15/2026
|
368,603
|
|
NZD
|
74,220,571
|
USD
|
44,375,588
|
Goldman Sachs International
|
6/15/2026
|
90,488
|
|
USD
|
30,944,814
|
CAD
|
42,119,330
|
Morgan Stanley
|
6/15/2026
|
376,522
|
|
USD
|
11,014,044
|
EUR
|
9,374,910
|
BNP Paribas
|
6/15/2026
|
72,800
|
|
USD
|
1,759,535
|
EUR
|
1,500,000
|
Morgan Stanley
|
6/15/2026
|
8,919
|
|
USD
|
11,028,611
|
GBP
|
8,160,638
|
Goldman Sachs International
|
6/15/2026
|
38,974
|
|
USD
|
13,579,590
|
GBP
|
9,967,991
|
Morgan Stanley
|
6/15/2026
|
156,056
|
|
USD
|
43,839,587
|
JPY
|
6,907,600,891
|
Goldman Sachs International
|
6/15/2026
|
420,971
|
|
ZAR
|
533,656,696
|
USD
|
32,630,327
|
Goldman Sachs International
|
6/15/2026
|
245,834
|
|
EUR
|
470,763
|
USD
|
549,185
|
Morgan Stanley
|
7/15/2026
|
944
|
|
Total unrealized appreciation
|
2,604,243
|
|||||
|
AUD
|
60,143,156
|
USD
|
43,592,620
|
BNP Paribas
|
6/15/2026
|
(375,735
)
|
|
BRL
|
154,383,895
|
USD
|
31,093,557
|
BNP Paribas**
|
6/15/2026
|
(577,080
)
|
|
CAD
|
15,083,434
|
EUR
|
9,403,285
|
Citibank, NA
|
6/15/2026
|
(27,491
)
|
|
CHF
|
18,816,957
|
USD
|
24,282,269
|
BNP Paribas
|
6/15/2026
|
(141,364
)
|
|
CLP
|
9,509,679,144
|
USD
|
10,751,839
|
Standard Chartered Bank**
|
6/15/2026
|
(66,212
)
|
|
CNY
|
71,422,508
|
USD
|
10,530,047
|
BNP Paribas**
|
6/15/2026
|
(20,878
)
|
|
EUR
|
19,466,797
|
CAD
|
31,353,846
|
Goldman Sachs International
|
6/15/2026
|
(35,938
)
|
|
EUR
|
18,594,326
|
CHF
|
17,071,488
|
BNP Paribas
|
6/15/2026
|
(200,569
)
|
|
EUR
|
7,270,365
|
USD
|
8,568,601
|
BNP Paribas
|
6/15/2026
|
(83,523
)
|
|
GBP
|
8,412,017
|
CAD
|
15,627,896
|
BNP Paribas
|
6/15/2026
|
(13,855
)
|
|
GBP
|
16,037,670
|
USD
|
21,853,410
|
Morgan Stanley
|
6/15/2026
|
(256,058
)
|
|
JPY
|
2,910,111,905
|
USD
|
18,681,314
|
BNP Paribas
|
6/15/2026
|
(389,430
)
|
|
JPY
|
3,407,217,046
|
USD
|
21,854,514
|
Goldman Sachs International
|
6/15/2026
|
(438,012
)
|
|
KRW
|
17,009,256,560
|
USD
|
11,387,331
|
Goldman Sachs International**
|
6/15/2026
|
(105,295
)
|
|
USD
|
373,871
|
EUR
|
322,000
|
Morgan Stanley
|
6/15/2026
|
(1,928
)
|
|
USD
|
11,294,640
|
INR
|
1,084,454,849
|
BNP Paribas**
|
6/15/2026
|
(105,772
)
|
|
USD
|
10,966,517
|
NZD
|
18,607,028
|
BNP Paribas
|
6/15/2026
|
(181,087
)
|
|
USD
|
33,105,866
|
NZD
|
56,082,717
|
Citibank, NA
|
6/15/2026
|
(493,692
)
|
|
USD
|
11,043,644
|
ZAR
|
182,855,130
|
Citibank, NA
|
6/15/2026
|
(221,229
)
|
|
EUR
|
19,512,625
|
CAD
|
31,416,692
|
Goldman Sachs International
|
7/15/2026
|
(29,459
)
|
|
Total unrealized depreciation
|
(3,764,607
)
|
|||||
|
Net unrealized depreciation
|
(1,160,364
)
|
|||||
|
Abbreviations
|
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
CHF
|
Swiss Franc
|
|
CLP
|
Chile Peso
|
|
CNY
|
China Yuan
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
INR
|
Indian Rupee
|
|
JPY
|
Japanese Yen
|
|
KRW
|
Korean Republic Won
|
|
NZD
|
New Zealand Dollar
|
|
USD
|
United States Dollar
|
|
ZAR
|
South African Rand
|
|
**
|
Non-deliverable forward.
|
|
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
COUNTERPARTY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.36
|
USD2,200,000
|
7,551
|
(40,074
)
|
(32,523
)
|
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.36
|
USD5,000,000
|
3,601
|
(77,518
)
|
(73,917
)
|
|
|
|
|
|
|
|
|
11,152
|
(117,592
)
|
(106,440
)
|
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic
payments and may also pay or receive an upfront premium
to or from the protection seller, in exchange for the right to receive a contingent
payment, upon occurrence of a credit event with respect to
an underlying reference obligation, as defined under the terms of individual swap
contracts.
|
|
|||||||
|
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
|
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
|
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
||||||||
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 7,010,000
|
(264,363
)
|
(378,296
)
|
(642,659
)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 14,019,000
|
(561,087
)
|
(724,140
)
|
(1,285,227
)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 14,020,000
|
(553,129
)
|
(732,189
)
|
(1,285,318
)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 14,249,000
|
(531,368
)
|
(774,944
)
|
(1,306,312
)
|
|
CDX.NA.HY.46-V1
|
5.00
|
Quarterly
|
6/20/2031
|
3.01
|
USD 45,909,000
|
(2,332,691
)
|
(1,876,130
)
|
(4,208,821
)
|
|
|
|
|
|
|
|
(4,242,638
)
|
(4,485,699
)
|
(8,728,337
)
|
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic
payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment,
upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
|
||||||||
|
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
|
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
|
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
||||||||
|
Abbreviations
|
|
|
CDX
|
Credit Default Swap Index
|
|
USD
|
United States Dollar
|
|
FLOATING RATE INDEX (a)
|
FIXED RATE
%
|
PAY/
RECEIVE
FLOATING
RATE
|
MATURITY
DATE
|
NOTIONAL
AMOUNT
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
VALUE ($)
|
|
1 day SOFR annually
|
3.98 annually
|
Receive
|
11/29/2030
|
USD232,000,000
|
1,564
|
(1,053,776
)
|
(1,052,212
)
|
|
1 day SOFR annually
|
4.05 annually
|
Receive
|
4/29/2033
|
USD157,200,000
|
76,341
|
(1,130,490
)
|
(1,054,149
)
|
|
|
|
|
|
|
77,905
|
(2,184,266
)
|
(2,106,361
)
|
|
Abbreviations
|
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
USD
|
United States Dollar
|
|
(a)
|
Value of floating rate index at May 31, 2026 was as follows:
|
|||||||
|
FLOATING RATE INDEX
|
VALUE
|
|
1 day SOFR
|
3.63%
|
|
|
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
VALUE
($)
|
|
Liabilities
|
|
|
|
OTC Credit default swap contracts outstanding - buy protection
|
11,152
|
(106,440
)
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$879,407,535
|
$158,921,274
|
$1,038,328,809
|
|
Collateralized Mortgage Obligations
|
—
|
1,533,555,680
|
212,845,287
|
1,746,400,967
|
|
Commercial Mortgage-Backed Securities
|
—
|
1,684,075,581
|
9,168,115
|
1,693,243,696
|
|
Common Stocks
|
—
|
—
|
354,863
|
354,863
|
|
Corporate Bonds
|
|
|
|
|
|
Aerospace & Defense
|
—
|
23,786,742
|
—
|
23,786,742
|
|
Automobile Components
|
—
|
39,484,910
|
—
|
39,484,910
|
|
Banks
|
—
|
75,642,741
|
—
|
75,642,741
|
|
Biotechnology
|
—
|
393,726
|
—
|
393,726
|
|
Broadline Retail
|
—
|
4,138,090
|
—
|
4,138,090
|
|
Building Products
|
—
|
46,478,562
|
—
|
46,478,562
|
|
Capital Markets
|
—
|
17,979,034
|
—
|
17,979,034
|
|
Chemicals
|
—
|
60,274,051
|
—
|
60,274,051
|
|
Commercial Services & Supplies
|
—
|
44,881,780
|
19,826,175
|
64,707,955
|
|
Communications Equipment
|
—
|
143,970
|
—
|
143,970
|
|
Construction & Engineering
|
—
|
4,396,853
|
—
|
4,396,853
|
|
Construction Materials
|
—
|
960,331
|
—
|
960,331
|
|
Consumer Finance
|
—
|
26,104,770
|
—
|
26,104,770
|
|
Consumer Staples Distribution & Retail
|
—
|
16,584,369
|
—
|
16,584,369
|
|
Containers & Packaging
|
—
|
12,707,768
|
—
|
12,707,768
|
|
Distributors
|
—
|
2,203,850
|
—
|
2,203,850
|
|
Diversified
|
—
|
—
|
6,913,229
|
6,913,229
|
|
Diversified Consumer Services
|
—
|
7,522,300
|
—
|
7,522,300
|
|
Diversified Telecommunication Services
|
—
|
89,047,245
|
—
|
89,047,245
|
|
Electric Utilities
|
—
|
50,688,244
|
—
|
50,688,244
|
|
Electrical Equipment
|
—
|
1,105,238
|
—
|
1,105,238
|
|
Electronic Equipment, Instruments &
Components
|
—
|
25,459,061
|
—
|
25,459,061
|
|
Energy Equipment & Services
|
—
|
6,373,952
|
—
|
6,373,952
|
|
Entertainment
|
—
|
14,190,463
|
—
|
14,190,463
|
|
Financial Services
|
—
|
43,104,174
|
36,838,442
|
79,942,616
|
|
Food Products
|
—
|
16,437,468
|
—
|
16,437,468
|
|
Gas Utilities
|
—
|
2,304,081
|
—
|
2,304,081
|
|
Ground Transportation
|
—
|
16,779,949
|
—
|
16,779,949
|
|
Health Care Equipment & Supplies
|
—
|
22,057,650
|
—
|
22,057,650
|
|
Health Care Providers & Services
|
—
|
36,774,636
|
—
|
36,774,636
|
|
Health Care Technology
|
—
|
8,132,184
|
—
|
8,132,184
|
|
Hotel & Resort REITs
|
—
|
5,459,850
|
—
|
5,459,850
|
|
Hotels, Restaurants & Leisure
|
—
|
72,642,479
|
—
|
72,642,479
|
|
Household Durables
|
—
|
18,834,107
|
—
|
18,834,107
|
|
Household Products
|
—
|
7,287,174
|
—
|
7,287,174
|
|
Independent Power and Renewable Electricity
Producers
|
—
|
15,352,987
|
—
|
15,352,987
|
|
Insurance
|
—
|
3,520,172
|
—
|
3,520,172
|
|
Interactive Media & Services
|
—
|
1,623,596
|
—
|
1,623,596
|
|
IT Services
|
—
|
5,084,550
|
—
|
5,084,550
|
|
|
||||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Machinery
|
$—
|
$8,181,116
|
$—
|
$8,181,116
|
|
Marine Transportation
|
—
|
2,932,530
|
—
|
2,932,530
|
|
Media
|
—
|
99,468,127
|
—
|
99,468,127
|
|
Metals & Mining
|
—
|
19,974,411
|
—
|
19,974,411
|
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
4,949,105
|
—
|
4,949,105
|
|
Multi-Utilities
|
—
|
14,405,137
|
—
|
14,405,137
|
|
Oil, Gas & Consumable Fuels
|
—
|
220,463,104
|
—
|
220,463,104
|
|
Passenger Airlines
|
—
|
10,832,936
|
—
|
10,832,936
|
|
Personal Care Products
|
—
|
10,861,367
|
—
|
10,861,367
|
|
Pharmaceuticals
|
—
|
14,872,931
|
—
|
14,872,931
|
|
Professional Services
|
—
|
1,498,729
|
—
|
1,498,729
|
|
Real Estate Management & Development
|
—
|
3,606,248
|
5,975,450
|
9,581,698
|
|
Semiconductors & Semiconductor Equipment
|
—
|
20,294,318
|
—
|
20,294,318
|
|
Software
|
—
|
20,613,559
|
—
|
20,613,559
|
|
Specialized REITs
|
—
|
4,009,137
|
—
|
4,009,137
|
|
Specialty Retail
|
—
|
26,430,901
|
—
(a)
|
26,430,901
|
|
Technology Hardware, Storage & Peripherals
|
—
|
4,168,720
|
—
|
4,168,720
|
|
Trading Companies & Distributors
|
—
|
23,815,168
|
—
|
23,815,168
|
|
Wireless Telecommunication Services
|
—
|
3,980,639
|
—
|
3,980,639
|
|
Total Corporate Bonds
|
—
|
1,361,301,290
|
69,553,296
|
1,430,854,586
|
|
Foreign Government Securities
|
—
|
327,929,796
|
—
|
327,929,796
|
|
Loan Assignments
|
—
|
35,883,935
|
—
|
35,883,935
|
|
Mortgage-Backed Securities
|
—
|
2,866,264,588
|
—
|
2,866,264,588
|
|
Municipal Bonds
|
—
|
8,400,289
|
—
|
8,400,289
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
250,628,380
|
—
|
—
|
250,628,380
|
|
Total Investments in Securities
|
$250,628,380
|
$8,696,818,694
|
$450,842,835
|
$9,398,289,909
|
|
Liabilities
|
|
|
|
|
|
TBA Short Commitment
|
$—
|
$(1,010,621,724
)
|
$—
|
$(1,010,621,724
)
|
|
Total Liabilities in Securities Sold Short
|
$—
|
$(1,010,621,724
)
|
$—
|
$(1,010,621,724
)
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$2,604,243
|
$—
|
$2,604,243
|
|
Futures Contracts
|
15,479,585
|
—
|
—
|
15,479,585
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$(3,764,607
)
|
$—
|
$(3,764,607
)
|
|
Futures Contracts
|
(19,238,777
)
|
—
|
—
|
(19,238,777
)
|
|
Swaps
|
—
|
(6,787,557
)
|
—
|
(6,787,557
)
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$(3,759,192
)
|
$(7,947,921
)
|
$—
|
$(11,707,113
)
|
|
|
|
|
(a)
|
Value is zero.
|
|
|
Balance as of
February 28,
2026
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Other(a)
|
Balance as of
May 31,
2026
|
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
$77,065,245
|
$14
|
$(384,536
)
|
$(4,068
)
|
$88,262,079
|
$(4,319,760
)
|
$1,309,800
|
$(3,007,500
)
|
$—
|
$158,921,274
|
|
Collateralized Mortgage
Obligations
|
111,369,660
|
—
|
(3,921,370
)
|
(154,877
)
|
215,907,959
|
(99,692,925
)
|
—
|
(10,663,160
)
|
—
|
212,845,287
|
|
Commercial
Mortgage-Backed
Securities
|
10,816,425
|
—
|
(83,957
)
|
10,569
|
86,745
|
(1,661,667
)
|
—
|
—
|
—
|
9,168,115
|
|
Common Stocks
|
428,174
|
—
|
(78,655
)
|
—
|
—
|
—
|
—
|
—
|
5,344
|
354,863
|
|
Corporate Bonds
|
29,425,476
|
(55
)
|
(3,970
)
|
(12,525
)
|
42,404,428
|
(2,260,058
)
|
—
|
—
|
—
|
69,553,296
|
|
Rights
|
5,344
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(5,344
)
|
—
|
|
Total
|
$229,110,324
|
$(41
)
|
$(4,472,488
)
|
$(160,901
)
|
$346,661,211
|
$(107,934,410
)
|
$1,309,800
|
$(13,670,660
)
|
$—
|
$450,842,835
|
|
|
|||||||||
|
1
|
Purchases include all purchases of securities and securities received in corporate
actions.
|
||||||||
|
2
|
Sales include all sales of securities, maturities, paydowns and securities tendered
in corporate actions.
|
||||||||
|
(a)
|
Certain Level 3 investments were re-classified between Rights and Common Stocks.
|
|
|
Fair Value
at May 31, 2026
|
Valuation Technique(s)
|
Unobservable Input
|
Range (Weighted Average) (a)
|
|
|
$36,684,463
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
0.00% - 15.00% (0.01%)
|
|
|
|
|
Constant Default Rate
|
0.00% - 12.00% (0.01%)
|
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
4.52% - 9.78% (7.69%)
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
36,684,463
|
|
|
|
|
|
27,998,126
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
7.36% - 13.00% (11.43%)
|
|
|
|
|
|
|
|
Corporate Bonds
|
27,998,126
|
|
|
|
|
|
2,033,978
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
7.36% (7.36%)
|
|
|
|
|
|
|
|
Commercial Mortgage-Backed
Securities
|
2,033,978
|
|
|
|
|
Total
|
$66,716,567
|
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers
and Pricing Services. At May 31, 2026, the value of
these investments was $ 384,126,268. The inputs for these investments are not readily
available or cannot be reasonably estimated and are
generally those inputs described in Note A.
|
|
(a)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
|
|
|||||||||
|
For the period ended May 31, 2026
|
|||||||||
|
Security Description
|
Value at
February 28,
2026
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2026
|
Shares at
May 31,
2026
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Prime
Money Market Fund
Class IM Shares,
3.74% (a) (b)
|
$161,585,217
|
$1,658,537,732
|
$1,569,484,938
|
$(29,245
)
|
$19,614
|
$250,628,380
|
250,578,264
|
$1,385,171
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of May 31, 2026.
|